Himalayan News Service

Kathmandu, January 9

The 17th annual general meeting of Standard Chartered Bank Nepal Ltd (SCBNL) was successfully convened at the Birendra International Convention Centre (BICC), Kathmandu, yesterday.

"The year 2002-03 holds special significance and pride to the bank and its stakeholder as in the year when Nepal and the entire world celebrated the Golden Jubilee Celebrations of the first successful ascent of Mt Everest, Appa Sherpa carried the flag of Standard Chartered Bank to the top of the world on his world record 13th ascent of Mt Everest with him, states a press release issued her today by the bank, "and further in the year 2003 Standard Chartered Bank, 50 per cent partner of SCBNL, celebrated its 150th anniversary."

The bank continued to maintain its unsurpassed performance in spite of difficult business conditions in the country and worldwide. The bank posted Rs 507 million net profit after tax in this fiscal year, which is a growth of 5.8 per cent in comparison to the previous year.

"Few special resolutions were also approved by the shareholders at this AGM," states the release, "the appropriations of the profits and cash dividend of 110 per cent and bonus share in the ratio of one bonus share for every 10 shares (as per special resolution) proposed by the board of directors and the resolutions for amendments to the memorandum and articles of association along with special resolution for increasing the authorised capital."

There have been a few changes in the board since last year. Christopher Low, chief executive officer (CEO), Standard Chartered Bank, India region was appointed to the position of chairman of the board who replaced Bhoj Raj Pokharel.

As per the directives of Nepal Rastra Bank, Sujit Mundul, CEO, Nepal and Christopher Low replaced the directors representing Standard Chartered Bank Limited, Anil Shah and Sashin Joshi.

Likewise, David Proctor replaced Rajeev Kulkarni. The outgoing directors were thanked for their valued contributions and the new directors were also welcomed to the board.