KATHMANDU, Sept 16: Mashreq Bank, a UAE-based bank, organized an event in Kathmandu recently celebrated its 50th anniversary.
Jan-Willem Sudmann, the Head of International Banking Group, and Samir Mohan Gupta, the Head of Financial Institutions, Origination and Client Coverage, at Mashreq Bank were present in the program, according to a statement issued by the bank's representative office in Kathmandu.
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Mashreq Bank has been in operation in Nepal since October, 2010, through its representative office. According to the statement, it is the only international bank that has representative office in Nepal.
Hema Kumari Adhikari, Chief Country Representative of Mashreq Bank to Nepal, told Republica that the bank has been offering almost all international banking products and services to local banks in Nepal. "The representative office has been providing updates on the international market trend on treasury-related products and KYC/compliance related matters to the banks in Nepal and Nepal Rastra Bank on a regular basis," she added.
She also said that Mashreq Bank can help commercial banks in Nepal on international trade and remittances, treasury-related products and foreign currency investments. “We have been inviting Nepali bankers to attend our international banking seminars almost every year and creating an opportunity for the Nepali bankers to interact and exchange their ideas and opinions with other experienced bankers from various countries abroad," said Adhikari.
According to the representative office, Mashreq Bank's branch offices abroad are maintaining over 100 vostro and investment accounts of Nepali banks. “They have given credit lines for Nepali banks and it is taking risk on Nepal and the local banks,” she said, adding that even the central bank of Nepal has appreciated the contribution of Mashreq Bank.
