Icra Nepal withdraws rating for 500 million subordinated debentures each of Nepal Bangladesh & Machhapuchchhre Bank

Icra Nepal withdraws the rating for subordinated debenture of Nepal Bangladesh Bank Limited (NBB) and Machhapuchchhre Bank Limited (MBL) Nepal Bangladesh Bank Limited and Machhapuchchhre Bank Limited was given ICRA Rating of LBBB- earlier to the both subordinated debenture . The rated entity carried moderate credit risk. Earlier, NB and Machhapuchchhre Bank were planning to float debenture of NPR 500 million and the bank had published the rating for the debenture. According to a statement of ICRA Nepal, the banks has not raised funds against the rated instrument.So as per the bank request Icra Nepal withdraws the rating. Nepal Bangladesh Bank is a commercial Bank in joint venture with IFIC Bank, Bangladesh.The shares of the bank are held by promoter and public in the ratio of 52:48. Out of the total promoter holding, ~1% of total shares are held by IFIC Bank, Bangladesh, remaining being held largely by individual promoters under NB Group. Similarly, Machhapuchchhre Bank is registered as “A” class Commercial Bank with with head office outside Kathmandu (in Pokhara city of western Nepal). Its head office (registered office) is located at Nayabazaar, Pokhara and its corporate office is in Lazimpat, Kathmandu. The bank is promoted by individual promoters from business background led by prominent Non-Resident-Nepalese (NRN) businessman.