Monday, April 8, 2013

Nepal Bank to issue right share soon

Nepal Bank Ltd (NBL) is planning to float right shares soon.
"Nepal bank will issue right share soon after mid-April," informed the coordinator of Nepal Bank Maheshwor Lal Shrestha breifing the branch chiefs in the two-day regional interaction here today.
"The bank's recapitalisation plan is on the right course," he said, adding that it will be completed soon. "The central bank will continue managing the oldest bank of the country for some nine more months to conclude the recapitalisation plan.
The bank had planned to issue 1:9.5 right shares, which is expected to raise Rs 3.62 billion. The government is ready to pump in Rs 1.5 billion for its right shares as it owns 40.19 per cent stake in the bank.
Asking the branch chiefs — of the Kathmandu valley — to operate each branch in profit, he urged them to minimise the operation risk, apart from promoting good corporate governance. "Only with good corporate governance, the bank can boost its image in the market," Shrestha added. "Nepal Bank is committed to continue organisational reforms to make it the first choice among the customers."
The bank has prepared five-year strategy to improve its organisational capacity in the changed context of information, communication and technology, informed general manager of the bank Kiran Kumar Shrestha, on the occasion.
The bank has held interaction with all the 115 branch chiefs and their staff to unitedly face the challenges the bank is facing also due to increasing competition in the financial market.
The oldest bank of the country with largest branch network has been under central bank management due to bad financial health after the Financial Sector Reform Programme assigned foreign management left the bank without completing its task.

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