Laxmi Bank opens 138th branch in Shankhuwashabha

A view of Laxmi Bank’s branch office in Sajak Tole, Khandbari Municipality-1, Sankhuwasabha district in October 2021. Photo courtesy: Laxmi Bank

KATHMANDU: Laxmi Bank has inaugurated its 138th branch office in Khandbari Municipality-1 of Sankhuwasabha district.

The newly opened branch at Sajak Tole will offer a full range of retail banking services to its customers and expand its services to small and large businesses, according to the bank.

With the addition of a new branch in Sankhuwasabha, Laxmi Bank network now has 138 branches across 50 districts, 5 hospital service counters, 7 extension counters, 168 ATMs, 2,500 remittance agents and 63 branchless banking agents across the country.

The Bank is rapidly expanding to newer and underserved markets with the aim of servicing the growing demand for professional financial services such as innovative saving accounts, term deposits, home and auto loans, small business loans, microfinance, etc.

Laxmi Bank actively promotes digital channels such as internet and mobile banking to complement the growing number of branches as part of the ‘bricks and clicks’ strategy giving access to customers through a channel of their choice: branches, ATM, internet and mobile phones.

Laxmi Bank was established in 2002 in the country. The Bank serves a wide range of customers through its branches and a host of IT-enabled channels. Despite a relatively short history, Laxmi Bank has emerged as a major player across all business lines — retail, midmarket, corporate, infrastructure and treasury. The Bank is widely recognised as one of the best-managed banks in Nepal with high standards of corporate governance culture, risk-management systems and strong technology.

Laxmi Bank’s microfinance subsidiary — Laxmi Laghubitta Bittiya Sanstha Ltd, a category D financial institution licensed by Nepal Rastra Bank — has been in operation since 2012 and has a network of 72 branches with loans of over Rs 4 billion.

Similarly, Laxmi Bank’s investment banking subsidiary — Laxmi Capital Market Ltd, licensed by the Securities Board of Nepal — has been offering various merchant and investment banking services since February 2009. Laxmi Capital also manages Laxmi Equity Fund and Laxmi Unnati Kosh, the two Mutual Funds sponsored by Laxmi Bank, both of which are listed and traded at the Nepal Stock Exchange.

The Bank closed the previous financial year 2019/20 with a balance sheet size of Rs 129 billion that includes deposits and risk assets of Rs  100.07 billion and Rs 89.89 billion respectively. All key financial indicators of the Bank are well within prudential and regulatory norms.

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