Hyundai appointed Laxmi Intercontinental

KATHMANDU: Hyundai Motor Company, Korea and Hyundai Motor, India has appointed Laxmi Intercontinental Pvt Ltd as its authorised dealer. According to a press release, Laxmi Intercontinental — working as the official partner of Hyundai Motor Company — has also launched, ‘Hyundai Fresh Offer 2009’. Under the scheme, it will sell Hyundai motors of 2009 model with discount.

New Scheme of Bank of Asia Nepal

Bank of Asia Nepal (BoAN) has brought into operation its new financial service called, ‘Enterprise Financial Solutions’ for the promotion of small industries and businessmen. The bank till the end of Magh month registered a deposit of Rs 5.23 billion and credit of Rs 5.19 billion.

Remittance immune to gloom

Kathmandu: Rameshwor Khanal, secretary at the Finance Ministry, today said that the global recession had not yet affected Nepal’s remittance sector.Talking to the media this morning, he said Nepal’s remittance had increased by 65.9 per cent between Mangsir last year to this year’s Mangsir-end. “Remittance rose by 20 per cent during the last fiscal year. Looking at the indices, our remittance has not received any setback,” Secretary Khanal said adding, however, that he was apprehensive regarding the coming future. -

NIBL’s 27th branch

Nepal Investment Bank Ltd (NIBL) on Sunday opened its 27th branch in Lukla. The bank had total deposits of Rs 41,070 million till mid-January. The NPA of the bank was at 1.12 per cent while the operating profit was Rs 718 million till mid-January. The bank has issued 1,77,919 Visa debit/credit cards to its customers, said a press release

Laxmi Bank's 17th Branch

Laxmi Bank Limited has opened its 17th branch in Bhairahawa. “It marks the beginning of the bank’s branch expansion in the western part of the country,” said a bank statement. The branch will offer full range of banking services ranging from personal banking solutions such as innovative savings schemes, home loans, life insurance, credit cards, bill payment services, e-banking services, loans to small businesses and large corporate. The bank reported earnings of Rs 165 million — an increase of 36 per cent — in the first quarter of this fiscal year compared to the same period the previous year. With an asset base of over Rs 15 billion, it has the best quality loan portfolio with non-performing loans of 0.10 per cent.

Nepal Investment Bank's 26th Branch

Nepal Investment Bank Ltd (NIBL) opened its 26th branch in Palpa on Sunday. The branch will be linked through ABBS (Any branch Banking Services) to all other 25 branches. Key services provided include deposit and lending, foreign exchange, retail banking, import, export - letter of credit, guarantees and remittance. NIBL plans to have 50 branches in the country within two years. Total deposits of the bank as of Poush-end 2065 stood at Rs 4,1070 million and total loans and advances at Rs 3,2600 million. NPA is well within control at 1.12 per cent, said the bank that has issued a total number of 1,79,670 Visa debit/credit cards to its customers and earned Rs Rs 718 million operating profit by the end of Poush 2065.

Now Sunrise Bank to provide the services of Western Union

Sunrise Bank Ltd. has also started operations to provide remittance service of Western Union through one of its primary agents in Nepal – Hulas Remittance Pvt. Ltd.

According to the CEO of Sunrise Bank Ltd., Mr. Kishore Maharjan, Sunrise Bank is also now affiliated with Hulas Remittance Pvt. Ltd., one of the primary agents of Western Union in Nepal. Mr. Maharjan has notified that Western Union's customers can receive money sent by their loved ones abroad through all branches of Sunrise Bank Limited.

Director of Hulas Remittance, Mr. Hemant Golchha said –"Hulas Remittance has been the largest agent in terms of locations within three years as an agent of Western Union since January 2006. We have tremendous growth each year and had a growth of 80% in 2008 alone. We already have some famous commercial banks as our sub-agents. Now with the inclusion of Sunrise Bank as another banking sub-agent, we hope to deliver better services to our customers and increase our transactions volume even further."

About Sunrise Bank
Sunrise Bank Ltd. is the 23rd commercial bank of Nepal providing full banking facilities since its establishment in 2007 AD. Till date, Sunrise Bank has 13 branch offices across major cities of Nepal and aiming to open up 11 more branches within this fiscal year.

About Hulas Remittance
Hulas Remittance Pvt. Ltd. is one of the primary agents of Western Union, a global leader in remittance services, in Nepal since January 2006. Hulas Remittance has a distribution network of over 600 sub-agents' locations all over Nepal including some prestigious commercial banks, development banks and financial institutions. Hulas Remittance has the largest network among the agents spread in 65 districts of Nepal.

About Western Union
Western Union Services has been providing remittance services worldwide since the last 150 years. Western Union is the fast, safe, reliable and convenient way of remitting funds in more than 200 countries and territory through its over 320,000 agent locations.

Fuel prices go down again

Kathmandu Feb 03, 2009

The government has announced marginal cuts in petroleum products on Monday.
The price of petrol has been reduced by Rs 3 per litre, diesel and kerosene by Rs 2 each while the price of per cylinder cooking gas has been slashed by Rs 25. Petrol will now cost Rs 77, diesel and kerosene Rs 57 each and cooking gas will cost Rs 1125.