Nepal's largest bank plans branches in China and India

Xinhua | Updated: 2017-01-22 09:54

KATHMANDU - Rastriya Banijya Bank (RBB), Nepal's largest bank, is considering opening branches in both China and India, the two neighbouring countries, a senior bank official said.

Chief Executive Officer of the state-owned Kiran Kumar Shrestha told Xinhua on Saturday that they have started preparations after the bank's board, about two months ago, instructed the bank's management to work towards opening branches in the neighbouring giants.

A few Nepalese banks have opened their liaison offices abroad. But, Shrestha said that they were planning to open full scale branches in China and India.

The bank has, however, first planned to go to India first. According to Shrestha, the RBB has set up a study team this week in order to find the necessary requirements to open branch there.

"We have initiated preparation to open branch in India by end of current fiscal year (mid-July 2017)," said Shrestha. "Our plan is to open branch in China in the next fiscal year."

Two neighbouring countries are Nepal's largest trading partner. As of first half of the current fiscal that ended in mid-January, bilateral trade with India stood at $2.98 billion while trade with China stood at $594 million.

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