Mega Bank to Adopt Federal Structure

July 24:  Mega Bank has announced to function as per the federal structure of the country. On the occasion of its sixth anniversary on July 22, the bank announced to operate transactions as per the changed system of the governance of the country.

“The constitution has divided the country into seven states and the bank is planning to conduct its banking activities accordingly,” said Bhoj Bahandur Shah, Chairman of Mega Bank. Similarly, the bank informed that it will emphasize the merger and issue right shares to meet the minimum paid up capital set by Nepal Rastra Bank. The bank had signed MOU with Paschhimanchal   Bikas Bank for the merger on April, 2016.

According to the Chairman, the bank will concentrate on the initiation of joint investment outside the country, expansion of offices in regional levels and the expansion of banking services in rural areas. “The bank is preparing to issue 25 percent right shares of the total paid up capital,” said Anil Khesari Shah, CEO of the Bank. According to him, the bank has also converted promoter share into general share as per the rule of Nepal Rastra Bank.

Mega Bank had collected the deposits of Rs 31 billion and extended the loan of Rs 28 billion. Currently, the bank is providing its services through 44 branches, 45 ATMs and 54 branchless banking services.