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Everest Bank's turnaround helped by PNB

Special Correspondent

NEW DELHI: S. C. Gupta, Chairman and Managing Director, Punjab National Bank, inaugurated the 20th branch of Everest Bank Limited (EBL) at Balaju, Kathmandu, making it the largest network among the private sector commercial banks in Nepal.

According to a PNB release, Everest Bank has an ambitious plan for expansion. PNB joined hands with EBL in a joint venture in 1996 and turned it around from a loss making to a profitable bank. PNB provides top management support under the technical service agreement.

Speaking on the occasion, Mr. Gupta highlighted the progress of the bank under various performance parameters, earning twice `The Excellence Award' given by the Nepal India Chamber of Commerce & Industry (NICCI). The latest feather in its cap has been `Bank of the Year 2006-Nepal' award given by The Banker, a publication of Financial Times, London. Finance Minister of Nepal, Ram Sharan Mahat, said the NPA had been kept at the lowest level enhancing the quality of assets and an innovative approach had been adopted to deliver unique products and services.

Governor of Nepal, Rastra Bank Bhattarai, urged the management of the bank to provide quality services to the countryside that will fulfil the social responsibility of the bank.

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