Everest Bank Limited, a private bank owned partly by the Indian Punjab National Bank, recently applied to Nepal Rastra Bank, Nepal’s bank regulator, to start microfinance operations.
“It could be a fully owned subsidiary or be run in partnership with the public with a 30:70 percent ratio between shareholders and the promoters”, says Hum Nath Gurung, Everest Bank’s assistant general manager. Everest Bank is among 24 finance organizations that are reportedly trying to enter the Nepalese microfinance market.
The microfinance institutions (MFIs) in Nepal reporting to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, held an aggregate loan portfolio of USD 97.5 million, total assets of USD 150 million and 587,000 active borrowers as of 2009. Everest Bank Ltd currently does not report data to MIX.
According to its financial report in 2008, the bank had NPR 36.9 billion (equivalent to USD 516 million) in assets and net profits of NPR 639 million (equivalent to USD 8.94 million).
About Everest Bank Ltd:
Founded in 1994, Everest Bank is a private bank based in Nepal. Indian Punjab National Bank owns 20 percent of Everest Bank, which specializes in providing loans, deposits and remittance services for Nepalese workers. According to its financial report in 2008, the bank had NPR 36.9 billion (equivalent to USD 516 million) in assets and net profits of NPR 639 million (equivalent to USD 8.94 million). Everest Bank Ltd currently does not report data to the Microfinance Information Exchange (MIX).
By Trevor Kwong, Research Assistant
Sources and Additional Resources:
[1] Source Article: Calcutta Tube: Punjab National Bank joint venture to enter microfinance in Nepal:
http://calcuttatube.com/punjab-national-bank-joint-venture-to-enter-microfinance-in-nepal/123769/
[2] Microfinance Information Exchange (MIX): Nepal:
http://www.mixmarket.org/mfi/country/Nepal
[3] Everest Bank Ltd: Financial Statement 2008:
http://www.everestbankltd.com/doc/annualreport/100129003515_15th%20AGM%20Report%20English.pdf
[4] MicroCapital Universe: Everest Bank ltd:
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Everest+Bank+Ltd
Browse the MicroCapital Universe and add your entry to the wiki at?https://www.microcapital.org/microfinanceuniverse/tiki-index.php
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