NRB gives nod to Global IME and Himalayan Bank to open overseas offices

ShareSansar, January 28:

Nepal Rastra Bank has agreed to let Himalayan Bank Limited and Global IME Bank to open their representative office abroad.

Issuing a directive last year, the central bank had stated that the commercial banks that meet certain criteria, including maintenance of a capital fund of 11 percent throughout the year, would be allowed to open their office out of the country.

“Since these two commercial banks have met the criteria and that their proposals were impressive, we decided to let them open their offices abroad,” central bank director Purna Bahadur Khatri said.

The central bank has given them six months to open their overseas office since these banks would now have to seek the permission of the central bank of the concerned countries for the same.

Global plans to open its offices in six countries – India, Australia, South Korea, the UAE, Qatar and Saudi Arabia, according to the bank’s CEO, Ratna Raj Bajracharya.  
Opening branches abroad would contribute in the national economy by helping to channelize remittance through the banking system.

“We have already submitted written applications to all the central banks of these countries,” Bajracharya further informed. “As soon as we get the permission we would apply for the final approval of the Rastra Bank.”

Himalayan Bank is also planning to open a branch in Malaysia, which is another attractive destination in terms of foreign employment for the Nepali migrant workers.

Though NMB Bank, too, is seeking the central bank’s permission to open overseas office, it is yet to receive the approval.