Under the partnership, the IFC is providing US$ 3 million to HBL under its Global Trade Finance Program, in a bid to increase Nepal´s share in global trade. The HBL will utilize this support to foster overseas trade, mainly exports.
Issuing a press statement on Tuesday, the IFC said the program will provide to the HBL risk coverage in a difficult market and access to a global network that will help grow its trade finance business.
“The network facilitates transactions in challenging markets, promotes competitive financing, and builds correspondent bank relationships with new institutions at low risk,” reads the statement.
The HBL is the third bank getting the support of the IFC for trade finance in Nepal. The IFC has recently helped introduce value-added advisory services for HBL´s small and medium enterprises.
Since 1975, the IFC has committed over US$ 80 million in nine projects in Nepal.
Nabil opens four new branches
KATHMANDU, June 3: Nabil Bank has opened four new branches in the Kathmandu Valley. Satyendra Pyara Shrestha, chairman of Nabil Bank, inaugurated the branches, located in Thamel, Halchowk, Kaushaltar and New Baneshwor, on Tuesday.
With the opening of these outlets, Nabil Bank now has a total of 32 branches across the country. Nabil has said in a press statement that the branches were opened as per the bank´s second phase of its network-expansion plan.
In the second phase, the bank is planning to open a total of nine branches in the Kathmandu Valley.
Last fiscal year, Nabil had opened nine branches in rural and semi-urban areas under the first phase of its network-expansion plan.
Shine Development Bank opens first branch
KATHMANDU, June 3: Shine Development Bank has opened its first branch, in Sandhikharka, Arghakhachi district. Keshav Raj Acharya, chief manager of Nepal Rastra Bank´s Siddharthanagar branch, inaugurated the branch amidst a function on Tuesday.
This is the first time a private sector bank has established a branch in Arghakhachi district, according to a press release issued by the bank.
Speaking on the occasion, Thaneshwor Poudel, chairman of the bank said, “The bank has penetrated in the market to be a partaker of the economic development in the district.”
The bank has also established an “agriculture cell” in the bank, under one of its promoters, Bhuwan Bhandari, for development of the agricultural sector in the district, states the press release.
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