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Three new commercial banks are planning to make their foray into the country’s finance market in the next three months.

According to reports, Janata Bank, Megha Bank and Commerce and Trust Bank are on the verge of final process to enter into the banking system.

The Janata Bank and Commerce and Trust Bank have a paid-up capital of Rs. 2 billion each.

Janata bank is being promoted by a group 898 promoters, led by Arun Valley Hydropower, Jeep Chhiring Lama. Similarly, Commerce and Trust Bank has been promoted by a group led by Durga Prasad Neupane and Shova Neupane.

Megha Bank will have an authorised capital of Rs. 4 billion and a paid-up capital of Rs. 2.35 billion. There are more than 1,250 promoters from 62 districts in this bank.

Even though Nepal Rastra Bank (NRB) had temporarily suspended the registration of new financial institutions, it has not refrained from issuing licenses to those who have already applied for the same.

Meanwhile, some 23 companies have sought approval from Securities Board of Nepal (SEBON) to issue over 47.5 million units of rights and ordinary shares worth over Rs 4.75 billion to increase their capital base, it is understood.

Nine finance companies, eight development banks, five commercial banks and a company from others group have lodged application for issuing shares.

Investa Finance, Valley Finance, Capital Merchant Banking and Finance, Shubhalaxmi Finance, Siddhartha Finance, Suryadarshan Finance, Zenith Finance, Merchant Finance and Yeti Finance are those finance companies which have sought permissions for issuing shares. Of them, five have sought approval for rights issue, while four have lodged applications for ordinary shares issue.

Similarly, Muktinath Bikash Bank, Sewa Bikash Bank, Nilgiri Bikash Bank, Western Development Bank, City Development Bank, Paschimanchal Development Bank, Subhechha Bikash Bank and Triveni Bikash Bank have also requested SEBON for approval. Five of them have registered their applications for ordinary issue, while the rest three have sought permission for rights issue.

In a linear fashion, Agriculture Development Bank, Kumari Bank, NMB Bank Ltd and Citizens Bank International have also approached SEBON for rights as well as ordinary issue, whereas City Homes Ltd of others group has also applied for initial public offering (IPO). nepalnews.com

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mahesh  - mahesh   |116.90.234.xxx |2009-12-01 07:39:50 may i know which date is opening of megha bank Janata   |113.199.163.xxx |2009-11-20 07:32:16 Hana, katti bittiya sansthaharu ho? Bankle bhareko Kathmandu sahar bhane hunchha. Sabai kasari survive garnw hokunni? Yasma pani sabai Maobadile luteko dhanle chaleko ta hoina? Buzz..  - Too much of everything   |169.252.4.xxx |2009-11-19 09:50:47 On the one hand nepal is dirt poor and relies on donation & hand outs on the other hand it has too much of everything: Too many deities Too many districts Too many castes & sub castes Too many political parties Too many politicians Too many deputy PM!! Too many parlimentary seats Too many languages Too many cultures Too many banks Too many vehicles (roads?) Too many tail of people Too many rules Too many of everything.... Powered by !JoomlaComment 3.26

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