Mega Bank marks 6th anniversary

Published On: July 22, 2016 08:22 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, July 22: Mega Bank Nepal Ltd has entered into 7th year of operation.

On the occasion of its anniversary celebration on Friday, bank chairman Bhoj Bahadur Shah said that the bank will prioritize on merger and acquisition to establish itself as a leading bank in the country.

The bank completed merger with Butwal-based Paschimanchal Development Bank Ltd in mid-May. 

Also speaking at the program, Anil Keshary Shah, CEO of the bank, said that that bank was preparing to distribute 25 percent right shares to its shareholders.

"The formal procedure has been initiated. As per the NRB guidelines, promoter shares will also be converted into public shares. This will enhance our financing capacity," Shah added.

Issuing a statement, the bank said it has increased deposit portfolio by Rs 10 billion to reach Rs 31 billion and loan portfolio by Rs 10 billion to Rs 28 billion in the last fiscal year.

Meanwhile, the bank has provided the financial support of Rs 90,000 to Children and Youth First, an NGO working to provide quality education and a good childhood to Nepal's most underprivileged children, as part of its corporate social responsibility.

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