Press Release

Everest Bank Inaugrates Its 23rd Branch At Gwarko

December 17, 2007

Everest Bank Limited (EBL) has opened its 23rd Branch at Gwarko, Lalitpur Kathmandu. It was inaugurated by Dr. Ram Saran Mahat, Finance Minister. His Excellency Shiv Shankar Mukharjee, Ambassador of Indian, Mr. K B Manandhar, Acting Governer, Nepal Rastra Bank were also present in the inauguration.

Mr. Jass appraised the performance of the bank during the last fiscal year. He said that the bank grew by 38% in deposit and 39% in Loans as on Ashad 64. Mr. Mukharjee, Ambassador of India said that banks are about empowering people and enabling them to achieve their goals by the inputs of the bank thorough various services.

Mr. Manandhar in the inauguration congratulated Everest bank on its 23rd branch. He said that people were skeptical on the large number of banks opening and its branch expansion but it was to empower people. With competition banks will have to serve better offers to get customers and hence the rates would be negotiated to the satisfaction of the customers. Further NRB has made a policy where by banks will need to open a branch outside Kathmandu to open a branch in Kathamandu so that region other than Kathmandu too get the banking service. Everest Bank opened a branch in Baglung to open a branch in Gwarko.

Dr. Ram Saran Mahat, Finance Minister said that the banking industry is booming however other industry is not booming like this industry thus banks need to play an important role to strengthen their position. Mr. Mahant expressed his confidence in Everest Bank and praised its performance in its business growth and quality of service till date.

The branch would offer complete range of financial services at competitive rates. The branch has floated a scheme where by accounts can be opened at a minimum balance of Rs 500/- and get free debit card. Further there is a 50% discounts in locker and 0.5% in consumer loans interest rates for a specific period.

An ATM counter is installed in the premises of Gwarko, which is the 10th ATM counter of EBL. There are other ATM installation plans in Biratnagar, Birgunj, Chabahil, Butwal in the times to come. The ATM sharing arrangement with Punjab National Bank, India has facilitated the customers by usage of EBL Debit Cards at more than 870 PNB ATM outlets across India. Similarly, Indian tourists and businessmen having PNB cards will be able to use EBL/SCT ATM, while in Nepal.

The bank is now spread over entire length and breadth of Nepal with an ambitious plan for future expansion to five more branches within this fiscal year.

The bank believes that its expansion to these strategic locations would adhere to its objective of serving the middle and lower section of the society.

Everest Bank was the first bank to offer housing facility to its customers by way of housing loans. The bank also pioneered the ABBS facility where by transactions of any branch can be made from anywhere. The bank has also recently launched ‘Bank on Wheels’ in Birtamod, where by the bank is mobile on a vehicle and goes door to door rather than the customer visiting the bank.

As on Kartik end the bank has deposits worth Rs 2003.53 crore and has extended loans worth Rs 1551.32 crore. This is a growth of 27.91% in Deposits and 37.95% in Loans, over the corresponding period last year.

In an effort to provide tech savvy customers better service, the bank is recently undergoing a software change, thereby would be able to offer new product and better tech services to match the aspiration of its customers.