(NRB) issued operating license to Mega Bank Nepal Ltd’s on Tuesday giving it a permission to operate as the 28th commercial bank of the country.
"The bank is starting its operations from Friday," said CEO of the youngest commercial bank Anil Shah.
"After a journey of over two-and-a-half-years, with the commencement of operations of Mega Bank Nepal Ltd tomorrow, the aspirations of 1,219 promoters spread over 63 districts across the country to establish a national level 'Class A' commercial Bank will be realised," he said adding that Mega Bank will be a pioneer not only in wealth creation but wealth distribution, whereby the revenue generated will flow not only to large international and national investors, but to normal people across the nation.
"The promoters of the Bank are not limited to a single foreign institution or a few large urban investors," according to Shah. "Mega Bank's promoters are spread from the most rural of districts to urban centers right across the nation with mainly from middle class and Rs 1 million to Rs 10 million investment," according to the bank that claims to be the example of economic inclusion (arthik samavesita).
"The bank reflects a new economic model in which a normal Nepali can come together and become promoter of a large scale national institutions, like Mega Bank," Shah added. "This new economic model is not only viable, but the preferred path for sustainable economic development."
"With an authorised capital of Rs 4 billion and paid up capital of Rs 2.33 billion, Mega Bank is the largest capitalised bank in the nation," said the bank's chairman Professor Dr Madan Dahal. "This impressive capital base is just the foundation -- a solid one -- on which we plan to build one of the nation’s premier financial institutions by constantly creating mutually beneficial relationships with all its stakeholders -- customers, shareholders, regulators, communities and the Mega Team," he added.
"For the Mega team, our true strength will be measured not only by analysing our profitability or strong and sustainable banking base, but also our much larger and treasured relationship base with all strata of the society," Shah said.
Mega Bank aspires to be the ‘Bankers of every Nepali from Plough to Power – Halo to Hydro’, by working and living be a set of Mega Values of being service centric, transformational, action oriented, result focused, and synergistic, or in other words being STARS to deliver the full array of five star financial services to all their customers.
The bank has the main branch and corporate office at Mega Mahal, Kantipath and is planning to open 10 branches in the first year and 50 branches over the next five years.
INSET
List of other commercial banks
1 Nepal Bank Ltd
2 Rastriya Banijya Bank
3 Nabil Bank Ltd
3 Nabil Bank Ltd
4 Nepal Investment Bank Ltd
5 Standard Chartered Bank
6 Himalayan Bank Ltd
7 Nepal SBI Bank Ltd
8 Nepal Bangladesh Bank Ltd
9 Everest Bank Ltd
10 Bank of Kathmandu Ltd
11 NCC Bank Ltd
12 Lumbini Bank Ltd
13 NIC Bank Ltd
14 Machhapuchhre Bank Ltd
15 Kumari Bank Ltd
16 Laxmi Bank Ltd
17 Siddhartha Bank Ltd
18 Agriculture Development Bank Ltd
19 Global Bank Ltd
20 Citizens Bank International
21 Prime Commercial Bank Ltd
22 Bank of Asia Nepal Ltd
23 Sunrise Bank Ltd
24 Development Credit Bank Ltd
25 NMB Bank Ltd
25 NMB Bank Ltd
26 Kist Bank Ltd
27 Janata Bank Nepal Ltd
28 Mega Bank Nepal Ltd
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