Nepal CSI renamed Manakamana Development Bank

10 SEPTEMBER, 2009,
The Extra Ordinary General Meeting of the Nepal CSI Development Bank held on Thursday decided to change the bank’s name to Manakamana Development Bank.
According to the press statement issued by the bank, the bank informed that it has increased its paid up capital to Rs. 700 million with the new equity investment of Rs. 540 million from the new promoters.
The bank has already started the process of issuing Rs. 300 million shares in Public. After the issue of public share, the paid up capital of the bank will be Rs. one billion, the bank said.
The bank notified that it would soon relocate its head office to Annapurna Arcade II located at Durbarmarg, Kathmandu.
Nepal CSI Development Bank is in complete restructuring process with the entry of new investors and management term, the press statement said.The bank registered net profit of Rs. 113 million in fiscal year 2008/09. Similarly, the bank has been able to maintain capital adequacy ratio of 59.67 per cent at fiscal year 2008/09, it said.