A well known banker, who says Nepal still lacks commercial banks of five star category, Shah states that Megha will give five star treatment to its clients from the day it begins operation. [break]
Shah has a long experience of serving top banks, including Nabil where he joined eight years ago as its general manager. He says he had long dreamt of setting up a bank, involving in it from the very initial stage. Megha has provided him that opportunity.
“I had long cherished to build a bank, playing with cement and dusts,” says Shah, giving interview to Republica in a dusty room of a palace that was constructed by Bir Samsher decades ago (where the head office of Megha is being built). “This has fulfilled my dreams.”
As a commercial bank, Megha is entering the market with the highest capital investment. The number of promoters in this bank also exceeds the total number of promoters of all existing 26 commercial banks.
Operating the bank prudently and satisfying all the promoters at the same time will not be easy task for him though. However, he views it is as an opportunity as well. “I have taken each promoter as a well-wisher and advisor. With their positive inputs, I am sure the bank will win a good progress,” he states.
Being a new bank, Shah admits he will have to apply himself a lot to win confidence of the market. After well, with a large numbers of already established players in the market, he will have to answer why should a customer go to a new bank?
He will also have to design plans to attract depositors and also plan differently than what others did in the past, especially given the present liquidity crunch and tightened lending regime. However, Shah appeared relaxed in all those issues.
“In terms of service, we will be the best,” says Shah, who had started his banking career from Standard Chartered Bank. “As for the depositors, I have already worked out a plan to go with.”
Under the first phase, Shah plans to ask all its promoters to open an account in the bank. Then each promoter will be encouraged to bring in at least five new depositors for the bank. “If we collect deposits of mere Rs 100,000 from each depositor, we will instantly mobilize deposits of Rs 740 million,” Shah says.
The bank also plans to give similar interest returns to the depositors as other players in the market are offering. Depending on the competition, the rates could vary as well, he added.
Shah says the bank has already identified its investment avenues as well. “It will be the areas of long-term investments,” says he, preferring to disclose details about it later only. The bank has also set a target to open 5 to 6 branches within the first year of service.
“We have promoters from Mechi in the east to Mahakali in the west. Wherever we open the branch, we will have promoters to involve and support in building depositors base,” states Shah.
The bank also plans to open branches in areas where other banks have not reached.
Shah adds that the bank will have the most sophisticated and modern information communication technology and will extend all modern banking facilities from the very first day of operation.
As for human resources, something that is seriously in dearth in the sector, Shah disclosed that he was having negotiations with the staffers of various banks into operation, but noted that he has not prepared a list of persons he want to recruit. “Megha will have the best team among all players in the market though. I assure you of that,” says he.
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