Siddhartha Dev Bank to go national

The Nepal Rastra Bank has agreed in principle to allow Butwal-based Siddhartha Development Bank Ltd to increase its capital base and upgrade it to a national level development bank. Issuing a statement on Monday, the development bank said it would soon move its headquarters to Kathmandu and start providing financial services at the national level.
The bank has a client base of more than 25,000 and has a paid-up capital of Rs 645 million. The bank collected Rs 2.1 billion in deposits and released Rs 1.6 billion in loans in the preceding fiscal year. The bank´s net profit for the period stood at Rs 36 million, the statement added.