The 15th Annual General Meeting (AGM) of Machha-puchhre Bank on Monday endorsed a proposal of allowing the bank’s board to merge with any other bank and financial institution (BFIs) or to go for strategic partnership with a foreign bank.
The bank had merged with Standard Finance one and half years ago. Machhapuchhre CEO Tulasiram Gautam said encouraged by good progress after the merger
with Standard Finance, the AGM opened the door for both the options.
“Strategic partnership with an international bank will be arranged for technological advancement of the bank,” he said. “The bank will benefit from such partnership with an international bank with big network.”
As far as merger is concerned, it could happen with a bank having a huge capital, but not operating well or those wanting to grow into a bigger bank, he said.
Director Birendra Prasad Mahato said a merger would make the bank even bigger and successful.
After the merger with Standard Finance, Machhapu-chhre’s deposits have risen to Rs 32 billion now, from Rs 21 billion at the time of merger. Lending has also grown to Rs 24.7 billion from Rs 16 billion. The bank has lent Rs 3 billion so far this year. “This is an indication that bank has been moving forward well,” said Gautam.
After failing to provide bonus to employees for the last several years, the bank this year resumed bonus. “We will be able to give something to the shareholders next year,” said Gautam.
The bank, established 15 years ago, has 300,000 depositors, 54 branches and one extended counter.
16.81°C Kathmandu
