Laxmi Bank is the 16th commercial bank in
Nepal
Nepal, officially the Federal Democratic Republic of Nepal, is a landlocked country in South Asia. It is mainly situated in the Himalayas, but also includes parts of the Indo-Gangetic Plain. It borders the Tibet Autonomous Region of China Ch ...
, founded in 2002.
History
In 2004 Laxmi Bank
merged
Mergers and acquisitions (M&A) are business transactions in which the ownership of a company, business organization, or one of their operating units is transferred to or consolidated with another entity. They may happen through direct absorpt ...
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 Nepal Stock Exchange (NEPSE) is the only stock exchange of Nepal. the Market
Capitalization of the companies listed on NEPSE totaled .
NEPSE opened its trading floor on 13 January 1994.
The basic objective of NEPSE is to impart free mark ...
.
The bank also promoted a life insurance company known as Prime Life Insurance 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 Afr ...
9.81 Billion (as of FY 2018-19)
*Promoter Group - 51.05%
*General Public - 48.95%
Subsidiaries
The bank's subsidiaries are as follows:
* LS Capital Limited
* Laxmi Laghubitta Bittiya Sanstha
* Sunrise securities Limited
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