Punjab National Bank, Everest extend pact

KATHMANDU, MAR 12: 

Everest Bank and India’s Punjab National Bank have renewed their cooperation for another five years.

The meeting of the board of directors of Everest Bank today agreed to renew the Technical Service Agreement (TSA) tenure for a further five years with Punjab National Bank, India.

Chairman of Everest Bank B K Shrestha and general manager of Punjab National Bank K Rammohan signed the agreement on behalf of their respective institutions today, according to the bank. 

“However the renewed TSA for the next five years is subject to approval from the central bank.”

In 2006, Punjab National Bank had confirmed that it was tying up with Everest Bank and the two banks are at present sharing their ATM network, the first such cross-border arrangement for any Indian bank.

Punjab National Bank of India which holds 20 per cent share of Everest Bank started the joint venture with Everest Bank of Nepal 11 years back.

Source: THT