Laxmi Bank is the 16th commercial bank in
Nepal
Nepal (; ne, नेपाल ), formerly the Federal Democratic Republic of Nepal ( ne,
सङ्घीय लोकतान्त्रिक गणतन्त्र नेपाल ), is a landlocked country in South Asia. It is mai ...
, founded in 2002.
In 2004 Laxmi Bank
merged
Mergers and acquisitions (M&A) are business transactions in which the ownership of companies, other business organizations, or their operating units are transferred to or consolidated with another company or business organization. As an aspect ...
with HISEF Finance Limited, a first-generation finance company. This is the first merger in Nepali corporate history.
In 2016, the Bank also acquired Professional Diyalo Bikas Bank, a regional development Bank.
Laxmi Bank is a Category ‘A’ Financial Institution and re-registered in 2006 under the Banks and Financial Institutions Act of Nepal. The Bank’s shares are listed and actively traded in the
Nepal Stock Exchange.
The bank also promoted a life insurance company known as
Prime Life Insurance
A prime number (or a prime) is a natural number greater than 1 that is not a product of two smaller natural numbers. A natural number greater than 1 that is not prime is called a composite number. For example, 5 is prime because the only ways ...
in 2007 and holds 15% shareholding stake in it.
The bank is primarily recognized for its stringent credit policies, conservative approach to banking and pioneers in technological innovations in banking services. Laxmi Bank’s microfinance subsidiary – Laxmi Laghubitta Bittiya Sanstha Ltd, a category D financial institution licensed by Nepal Rastra Bank is in operation since 2012.
Ownership structure
The Bank currently has a paid-up capital of Nepalese
Rupees
Rupee is the common name for the currencies of
India, Mauritius, Nepal, Pakistan, Seychelles, and Sri Lanka, and of former currencies of Afghanistan, Bahrain, Kuwait, Oman, the United Arab Emirates (as the Gulf rupee), British East Africa, B ...
9.81 Billion (as of FY 2018-19)
*Promoter Group - 51.00%
*General Public - 49.00%
Subsidiaries
The bank's subsidiaries are as follows:
* Laxmi Capital Market Limited (100%)
* Laxmi Laghubitta Bittiya Sanstha (70%)
References
Laxmi Bank Limited
Nepal Rastra Bank
and “Laxmi Bank – eXpress Money Transfer” (eMT)
Bank and Financial Institution Act
Prime Life Insurance
Prime Life Insurance
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External links
Official Website
*
{{Portal, Banks
Banks of Nepal
Banks established in 2002
2002 establishments in Nepal