NMB becomes 25th commercial bank

NMB Bank Ltd has, from today, officially became the 25th commercial bank — the youngest A-class bank — in a small scale economy like Nepal.
"As a commercial bank, we could now enjoy more facilities that we couldnot as a finance company," said Upendra Poudyal, CEO of the bank. "However, we will continue to work as a merchant bank that has been our identity since its inception some 12 years ago," he added.
Established 12 years ago as a Rs 200 million finance company, Nepal Merchant Banking and Finance Ltd turned NMB Ltd has increased its paid up capital to Rs 1 billion. "It's the first finance company (under C-class) that has been upgraded to a commercial bank (under A-class)," claimed Poudyal.
"Though there is a cut-throat competition in the market, as the youngest commercial bank, we will always try to exceed the expectations of our clients," he added.
"The central bank has permitted NMB to upgrade into commercial bank — after it increased its paid up capital to Rs 1 billion — on May 6," Poudyal said, adding that it is opening two new branches soon. "Within two years, NMB will add 10 more branches to its network," he added.
NMB Bank Ltd has been promoted by Nepali economists and entrepreneurs alongwith Employees Provident Fund (EPF) and Yong Lian Realty Sdn Bhd of Malaysia as a foreign joint venture partner that has 15 per cent stake.