RETAIL BANKING | Cesar Tordesillas, India

Nepal's Mega Bank to form alliances with other Asian banks

Mega Bank has announced a plan to enter into strategic alliance with leading banks in South Asia and other Asian countries within next five years.

This is intended to create a network that works as a bridge in remitting funds between Nepal and emerging Asian economies.

The plan has been designed on assumption that economic situation in the country would significantly improve in the next five years and leading economies in Asia would be interested in investing here.

“We are currently looking at India and China as we believe these countries will contribute to more than 70 percent of the foreign direct investment coming into Nepal,” Mega Bank CEO Anil Keshary Shah told Republica on the sidelines of an event organized to officially announce opening of 15 branch offices.

In this regard, the bank plans to enter into partnership with leading financial institutions in the two countries so that their clients can use Mega as a channel to remit money to Nepal and gain access to Mega´s funds if needed.

“We hope such partnerships will expand the scope of the bank in the international arena,” said Prof Dr Madan Dahal, chairman of the bank.

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