Sanima Bank to go commercial
Kathmandu, Nov 19 - Sanima Bikas Bank is planning to upgrade itself to a commercial bank. A meeting of the board of directors of the bank has decided to present for approval a proposal at their upcoming annual general meeting to upgrade the bank to commercial bank (class A) status and raise the required capital for the purpose by issuing 1:1.5 right shares to its shareholders.
Its board has already decided to distribute 5 percent bonus shares to all its present shareholders and the aforesaid right shares will be issued only after the distribution of the bonus shares.
Sanima Bikas Bank was established in 2004 by non-resident Nepalis with a vision to mobilize the required capital for national development. Currently, the paid-up capital of the bank is Rs. 768 million, making it the highest capitalized development bank in the country.
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