Mega Bank enters celebrates 6th Anniversary

Mega Bank Nepal Limited has completed its 7^th year of operation on Friday, 22^nd July 2016. At a function organized at Kamaladi, Kathmandu on the occasion of the Bank’s 6^th anniversary, Chairman, Bhoj Bahadur Shah and CEO, Anil Keshary Shah handed over a cheque of NPR 90,000 to Children and Youth First, an NGO working to provide quality education and a good childhood to Nepal's most underprivileged children. The organization headed by Ms. Hausala Thapa has been supporting the education of 55 marginalized children’s education in a full boarding school. The supported children are mostly single mother who are financially weak or belonging to financially weak background. At the same function Chairman of the Bank Bhoj Bahadur Shah announced to take the Bank forward in accordance to the federal structure. In addition to this, he added that the Bank will prioritize on merger and acquisition to establish itself as a leading Bank in the country. Besides merger and acquisition, the Bank has planned to issue right shares to achieve the capital enhancement limit enforced by NRB. Chairman Shah informed that the Bank has already merged with Paschimanchal Development Bank Ltd. having its Head office at Butwal in Baishak. The Bank is also under discussions regarding few new merger proposals. He further added that the Bank will soon decide on whether to go for another merger or to issue right shares, which will be decided by internal discussions. Mr. Shah further added, “The Bank will now focus on initiating joint venture operations outside the nation, expansion of regional level offices and expanding its banking services to rural areas as well.” Anil Keshary Shah, CEO of Mega Bank said, “The Bank is preparing to issue 25 percent right shares to its shareholders. The formal procedure has been initiated and as per the NRB guidelines, promoter shares are to be converted into public shares. This will enhance the investment capacity of the investors”. He added, “In the last Fiscal Year Mega Bank extended branches at Dadeldhura and Achham districts. In the current Fiscal Year the Bank has been conducting a feasibility study on establishing branches inside the valley and in different parts of the country where banking facilities has not reached.” The CEO further stated, in the last Fiscal Year the Bank introduced Visa Debit/Credit Cards and Travel Cards to its valued customers. Moreover, as per the demand of the customers, the Bank will introduce innovative and effective ideas for cards, e-channels services and expansion of international remittance networks In line with the “Halo to Hydro – Plough to Power” ethos of Mega Bank Nepal Limited, the institution has been prioritizing Small and Medium Enterprises (SME) and Micro Banking sectors. In the last Fiscal Year, Mega Bank has increased its deposit portfolio by 10 billion to reach 31 billion. Likewise, it has increased its loan portfolio by NPR 10 billion as well, i.e., from NPR18 billion to NPR 28 billion. Its customer base has reached 2 lakhs 50 thousand as against 1 lakh 43 thousand in the past FY. The Bank’s average loan is NPR 25 lakhs 50 thousand and average deposit is NPR 1 lakh 44 thousand.