Business Bank: 27th Commercial Bank of Nepal

10, Sep 2009
The central bank of Nepal has approved license to operate 27th commercial bank of Nepal in the name of Business Bank. Earlier, the proposal to NRB to acquire the license was presented in the name of "Mero Bank" however the name amended to Business Bank.
The NRB meeting held on 7th September 2009 (22 bhadra 2066) approved the license to the bank, which has largest promoter shareholders in comparison to other banks of Nepal. The bank has 1228 promoters and these promoters invested from a million to 10 million Nepali rupees.
The bank will kick up with huge paid up capital of Rs. 2.33 billion and authorized capital of Rs. 4 billion, with its head office in kanthipath of Kathmandu. Total of Rs. 1.631 billion paid up capital has been invested by the promoter shareholders and the rest will be collected from public through issue of primary shares. The bank will commenced its operation within six months of duration.
Source: Jamb News Service