March 03, 2006

Two Decades Of Service

The bank marks 20 years of successful operation establishing a benchmark of quality service

By A CORRESPONDENT

The figures speak for themselves. They point to a proud fact how a completely Nepali team after taking over the management of a joint venture bank operated by French experts has been able not only to maintain the handsome record but even build on that.

It was 20 years ago, on February 28, 1986, that, Nepal Indosuez Bank came into operation as a partnership between Nepali partners and Credit Agricole Indosuez of France. In 2002, its name changed to Nepal Investment Bank Limited (NIBL) after the Nepali team took over the management.

In the brief period of three years, the new management has been able to increase the volume of deposits by 287 percent reaching over Rs 12 billion. Likewise, total lending has increased by 334 percent to reach just over Rs 9 billion. Its net profit has grown by three times reaching Rs 175 million in 2006. The number of employees, too, have tripled to reach 374.

“In the last four years NIBL has pioneered a number of firsts in Nepal. It was the first to introduce 365 days banking; it was the first to introduce Visa Electron debit card; it was the first to introduce Premier banking with consultancy; it was the first to introduce utility payments through ATM’s & POS machines; and it was also the first private sector Bank to introduce loans against gold & silver,” states a press release issued by the bank.

“These pioneering products & services has not only put NIBL on top of the banking community in Nepal, but also been granted recognition by the Financial Times of London as the top bank in Nepal on two occasions in the last three years.”

The bank has established 13 branches across Nepal. “It has introduced innovative new products and schemes with an aim to cater to the specific needs of it’s clientele. To name a few - there is the E-ZEE series – E-ZEE Savings, E-ZEE Student account, the E-ZEE Visa Travel Card. NIBL has made banking e-zee for many segments of society. The Premier Banking with consultancy services has been a much sought after and emulated service NIBL provides. The recently launched “Pariwar Bachat Khata”, a recurring saving deposit scheme is another popular account with parents who want savings on account of their children.”

“NIBL has made banking convenient – today, NIBL’s branches within Kathmandu Valley provides extended banking services from its counters till 7 pm on weekdays and are opened 365 days.”

All 13 of NIBL’s branches are connected online, thus facilitating transaction from any of its branches for all its customers. For the first time in Nepal NIBL introduced a new electronic delivery system with the issuance of the Visa Electron debit card in the country.

NIBL has eight ATMs at strategic locations in Kathmandu and Pokhara. It also has 600 Point of Sale (POS) machines. In keeping with it’s innovative nature & style NIBL devised a “consortium of cards” amongst some banks of the banking fraternity. NIBL invited like minded banks to join hands in the cards consortium. This consortium with NIBL in the lead provides an electronic delivery platform to all customers of all banks who have signed up for the consortium. The Banks who have joined consortium are Rastriya Banijya Bank, Nepal Bank, Kumari Bank, Nepal SBI Bank, Nepal Development Bank and Sanima Bikas Bitthya Sansthan now have the benefit of a world class electronic delivery system which was unavailable to them prior to NIBL’s initiative.

“On the occasion of the 20th anniversary, we are pleased to announce the new product – Social Deposit Account. Based on this scheme, we invite NGOs and INGOs engaged in uplifting disadvantaged community to bank with us and we will share 50 percent of the earnings from their deposits on their project,” said Chairman and Chief Executive Director of NIBL Prithivi Bahadur Pande.

Clarifying the new scheme, the bank’s general manager Jeetendra Basnet said, “In the 20the anniversary of operations, the Bank would like to share some of the good fortune it has had for the last 20 years with those who are less fortunate. The Bank will introduce a new depository scheme called the Social Deposit Account. It is a Social Contract that the Bank will be entering into with society.”

Basnet said that the bank will share 50 percent of the earnings from the INGO/NGO account with the concerned INGO/NGO working for the upliftment of the disadvantaged. “This is over and above the interest earned on the account,” he said, adding that the INGO/NGO can then utilize the earnings in the social cause it represents.

“This is our way of saying Thank You to society for 20 years of their trust in the Bank,” said Basnet.