Standard Chartered Bank Nepal appoints NMB Capital Limited as issue manager for FPO, FPO within Chaitra end

In line with requirements by the central bank of Nepal, Nepal Rastra Bank (“NRB”), for all “Class A” banks in Nepal to raise their minimum paid up capital from Rs 2.0 arba  to Rs 8.0 arba by mid-July 2017, Standard Chartered Bank Nepal Limited (“SCB”) has appointed NMB Capital Limited as the issue manager to raise Rs 3.3 arba through a Further Public Offering (“FPO”) to meet the above mentioned capital requirement. Issuing a press release, NMB Capital said that Mr. Joseph Silvanus, Chief Executive Officer of SCBN and Mr. Shreejesh Ghimire, Chief Executive Officer of NMB Capital Limited signed the agreement yesterday. Standard Chartered Bank firmly believes in the long-term prospects of its business in Nepal and in the country’s growth potential. Hence, it is pursuing an FPO to provide both existing and new shareholders an opportunity to participate in the capital raising exercise, added the statement. According to an official of NMB Capital, the FPO will likely be floated in Chaitra 2073 end. The FPO price is yet to be approved by SEBON.