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News item 19-1-2007 |
In a major development in
the state-owned
Agricultural Development
Bank
Ltd (ADBL),
an initial public offering
(IPO) worth Rs 750 million
is being issued next year.
The bank also plans to issue
ordinary shares worth Rs 125
million to its shareholders
within the current fiscal
year. “Necessary work is
underway to issue ordinary
shares to its shareholders
and it will be ready for an
IPO during the next fiscal,”
said Yogeshwar Pant, general
manager of ADBL. At the
beginning, the bank plans to
issue five per cent shares
among its shareholders and
then go for public to raise
30 per cent of its total
paid-up capital. Pant was
speaking at a press meet on
Friday, organised on the eve
of the 40th anniversary of
ADBL. The bank is turning 40
on Sunday. He said that the
ADBL has adopted new
strategies to make the bank
competitive and a vibrant
financial institution,
although its focus will
continue to on rural areas
and on development lending.
“With conversion into a
limited company, ADBL is no
more only a development
bank. Since Nepal Rastra
Bank (NRB) has already
categorised us as ‘A’ class
bank, we have to turn it
into a profit making
institution and at the same
time, we cannot disregard
our focus on rural areas,
which have always been our
backbone,” he added. Pant
further stated the bank is
involved in implementing
reform programmes
aggressively to compete in
the current competitive
financial market.
Read more about this Asian
Development Bank study on
urban transport systems
Other banking news and
articles:
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profit (12-1-2007)
Global Bank in Kathmandu
(11-1-07)
Nepal Bangladesh bank
back on track (11-1-07)
Royal Merchant Banking
and Finance profit and
bonus share (10-1-2007)
Iso certification for
Mmachhapuchhr Bank
(10-1-2007)
Nepal Industrial and
Commercial Bank opens
two new branches
(7-1-2007)
Deposit scheme for
shareholders NIC bank
(7-1-2007)
all financial articles
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