PNB renews pact with EBL for 5 years

New Delhi, July 25 (UNI) Punjab National Bank (PNB) has renewed the technical services agreement with its joint venture partner Everest Bank Ltd (EBL) for another term of five years.

Speaking on the occasion, EBL Chairman B K Sreshtha expressed satisfaction as the EBL had made a success story in the Nepalese banking sector.

With the technical support of PNB, loss making EBL has become a profit earning bank.

In the year 1997, PNB took 20 per cent equity stake in EBL and agreed to provide technical and managerial support to EBL. Under the agreement PNB has supported EBL operations by deputing its officers and guiding its policies by having two Directors on the Board of EBL.

EBL's deposits during this period has risen from NPP 20 crore to NPR 1881 crore. Loans have recorded growth from NPR 12 crore to NPR 995 in June 2006.

In addition, EBL has set up a representative office in Delhi to facilitate its Nepalese customers in India.

UNI DKS RA ND2036