Everest Bank receives approval for ASBA system

Everest Bank Ltd. (EBL) has obtained approval for ASBA (Applications Supported by Blocked Amount) from Securities Board of Nepal (SEBON) according to Dhitopatra Kharid Nirdeshika 2073. The board provided the approval to the bank to collect application forms for initial public offering (IPO) and further public offering (FPO) and carry out various other tasks related with it. The bank joined the ASBA System for the convenience of the customers.it will hold the amount of applicants in their bank accounts until the allotment of shares. Issuing a press statement, the bank said that it will block the applicant’s money equal to the subscription in their bank account and the money of the applicant for any issue is debited from their bank account only after the applicant is selected in the allotment. EBL will be providing ASBA service from all of its branches around Nepal and will charge Rs 100 per application form. Currently, the bank is rendering professionalized & efficient banking services through its widest domestic network of 61 branches, 5 Extension Counters, 24 Revenue Collection Counters, 86 ATMs and many correspondents across the globe. The Bank was also conferred as the “Best Managed Commercial Bank” by Asian Paint New Biz in 2013 as well as the “Highest Tax Payer among Commercial Banks” for FY 2068/69.