Laxmi Bank News Feeds

Laxmi Bank is the first commercial bank to offer investment products in Nepal

Thu, 24 Dec 2009 11:33:30 +0545

Kathmandu: At a launch event in Kathmandu today, ‘Laxmi Bank Ltd.’ has entered into a Channel Partner Agreement with ‘beed invest ltd.’, the first operational licensed portfolio manager, to offer a new service of investment products for their customers. Laxmi Bank, already known for its innovative retail products, will be the first commercial bank in Nepal to introduce portfolio management products to its clientele through its various branches. Laxmi Bank has been providing Bancassurance (insurance products) to its clients since 2006 and Portfolio Management Service will be another new product that their clients can benefit from. At the event, Suman Joshi, CEO of Laxmi Bank and Sujeev Shakya, Chairman of beed invest signed the Channel Partnering Agreement. Suman Joshi commented on the fact that this new product is similar to Bancassurance which provides insurance service through the bank, and stressed that providing portfolio management services through their bank will be the first of its kind in Nepal. He further remarked that such a service makes Laxmi Bank another step closer to their vision of becoming a one-stop-shop for all financial services and is the starting point of their investment banking activities, which will complement their plans to launch the first Mutual Fund in Nepal after the regulation is in place. Sujeev Shakya, Chairman of beed invest, was pleased that beed invest will be working closely with Laxmi Bank, a like-minded organization, to offer its Portfolio Management products, which is a new service in Nepal’s Market. He commented that both Laxmi Bank and beed invest have been first movers in their respective sectors and are committed to innovation to provide superior services to their customers. Suman Rayamajhi, CEO of beed invest, described the benefits of portfolio management services and its modality. He highlighted that portfolio management services is based on extensive equity research carried out using internationally accepted scientific tools and analysis techniques, which helps investors minimize their investment risk and garner optimal returns. Laxmi Bank and beed invest are also participating at the Capital Market Expo organized by SRCS to be held on 25th -27th December at United World Trade Center, Tirpureshwor and beed invest is also making a talk program for awareness of Portfolio Management Service on December 26, 2009 at 1100 hr to 1300 hrs at the expo.

BANKING ON GREEN

Mon, 07 DEC 2009 10:35:31 +0545

Laxmi Bank is pleased to introduce `Green Savings`, Nepal’s first eco-conscious savings account. Green Savings is a unique deposit product that encourages environmentally friendly personal banking habits amongst the consumers and in turn, the Bank rewards the accountholder with an interest rate of 7.5% per annum on daily balances. We expect Green Savings to appeal to customers who wish to earn high returns on their hard earned savings as well as those we want to support the green cause. There is a growing awareness of the need to act quickly on various environmental issues and we are keen to work together with our customers and make any small contribution we can towards this cause. Apart from the high interest rate, Green Savings will actively promote paper-free banking for personal accountholders. Laxmi Bank’s strong technology allows our customers to use non conventional delivery channels and tools making it possible for them to conduct their personal finances in a paper-free environment without the need for paper cheques or statements. The Green Savings comes with an attractive package of electronic banking solutions which will help customers conduct basic banking work in (a) paper-free and (b) commute-free environment. The Green Savings package will include ATM Cards, Internet Banking access and Mobile Money services – all of these not only allow for basic banking transactions to be done without the need for paper based cheque books and statements but also reduce carbon footprints by avoiding costly travel to and from bank branches. The Green cause a part of Laxmi Bank’s Responsible Banking initiative. Since the inception of the Bank in 2002, we have implemented paperless office culture and we rely heavily on electronic means to communicate and disseminate information within the Bank. Laxmi Bank also plans to create a Green Fund that will extend support to various environment initiatives and we will offer our Green Savings customers an opportunity to partner us in these causes.

Laxmi Bank introduces Mobile Money

Sun, 04 Oct 2009 10:37:30 +0545

Laxmi Bank, the leader of electronic banking in Nepal, is proud to introduce mobile payments in Nepal under the brand Mobile Money, complete mobile banking. Launch of Mobile Money marks an evolution for basic information oriented SMS service (non-financial transactions such as balance checking and transaction alerts) to actual financial transactions such a fund transfers and bill payments. Customers can now literally carry their Laxmi Bank accounts in their pockets. It is a true anytime-anywhere service. Do you need to transfer money to your friend’s account? Do you want to pay your phone bills? Credit Card bills? Simply take out your mobile phone and you can make these transactions happen within 30 seconds – without visiting a branch, ATM or logging to the internet. Given the ubiquity of the mobile device and the ease of use we expect mobile payment service like Mobile Money to be adopted faster and more importantly by a wider range of customer segments. There are already an estimated 4 million mobile phone users in Nepal and the number keeps growing daily. A mobile phone is no longer a luxury but a necessity for the times we live in. Mobile phone gives the owner ability to “communicate”, “organize personal affairs” and “entertain”. Laxmi Bank’s Mobile Money now adds one more function to this list – “banking”. That is Convenience Banking. Mobile Money services are currently available for Nepal Telecom mobile users. The platform has been put through rigorous testing and carries a number of security features to ensure safety and reliability of financial transactions. Financial Inclusion: Whilst Mobile Money will initially be available for account-holders of Laxmi Bank, we are working on making this service available to a larger population. We believe that the fusion of mobile phones and banking can play a significant role in financial inclusion. At Laxmi Bank we take our leadership role in electronic banking space seriously and offer the most diverse, efficient and robust electronic service delivery channels using the internet, plastic cards, emails and mobile phones as the touch points. Our strong suite of electronic banking solutions is backed by strong technologies and a proven track record of innovation. We are committed to pass on the benefits of advancements in technology and communication system to our customers for their convenience and efficiency. Furthermore, we are strong advocates for migration from “cash” to “electronic” means of payments which is a win-win situation for all stakeholders in terms of cost, security and the positive impact on the environment.

Laxmi Bank has started financing solar home systems bundled with the Bank's Home Loans

Sat, 17 Sept 2009 10:37:30 +0545

Under this scheme the Bank will offer customers who wish to install solar systems as an alternative or back up energy source a loan with easy repayment schedule spread over the tenure of the original home loan. This will ensure that the monthly installment is low and affordable. Laxmi Bank has tied up with Solar Solutions Pvt. Ltd. who supply solar system solutions for urban use. The Bank will select and empanel other acceptable solar system suppliers who meet the Bank’s quality standards so that customers can choose between these vendors and select the one that most suits their requirement. Financing solar home systems is a Responsible Banking initiative of Laxmi Bank. The Bank is launching series of activities aimed at promoting the environment and encouraging home owners to opt for alternative energy solutions such as solar systems over fossil fuel as a part of that initiative.

Stop Bad Cheques - A Responsible Banking initiative of Laxmi Bank

Thu, 16 Jul 2009 10:37:30 +0545

Laxmi Bank announces a new initiative to reduce/curb account holders from issuing Bad Cheques, i.e. cheques issued intentionally without sufficient balance in the account. The Bank has been maintaining a record of Bad Cheques drawn on Laxmi Bank which will be reviewed frequently and certain steps taken aimed at reducing such instances. Based on the record, the Bank will communicate to accountholders who repeatedly issue Bad Cheques with request to correct their account behavior. The Bank will also levy a service fee as a penalty to such accountholders who are found to be repeatedly issuing Bad Cheques. Lastly if an accountholder ignores repeated requests from the Bank and continues to issue Bad Cheques then the Bank may suspend or close such account as a last measure. “We are introducing this policy in line with our Responsible Banking initiatives which includes adopting a set of practices that encourage prudent financial behavior of our customers and all stakeholders. Apart from legal issues, writing a Bad Cheque not only results in loss of trust between the concerned parties but more importantly, it affects the credibility of cheques as a mode of payment and pushes us back to being a “cash-based” economy” says Bhubal Rai, Chief Operating Officer of the Bank.

Parsa branch is now open for business

Fri, 7 Jul 2009 09:37:30 +0545

Laxmi Bank today opened its second branch in Chitwan district at Parsa which lies about 20 kilometers east of Narayanghat. Laxmi Bank is already a major player in the Narayani region with branches in Birgunj and Narayanghat. Our second branch in Chitwan strengthens our presence in the region thereby allowing us to reach out to a growing population ready to adopt new and technology driven banking services. Chitwan is already a very economically active region and Laxmi Bank is privileged to support and be part of the region’s economic growth.

Parsa Branch will play an active role in increasing our business in Chitwan and will offer a range of personal banking services such as various savings and derivative deposit schemes that pay interest up to 7% p.a., life insurance and remittances.

7 Years of Passion for Excellence

Fri, 5 Jun 2009 09:37:30 +0545

Laxmi Bank has completed 7 years of operation on April 1, 2009. Laxmi Bank was established in April 2002 in Birgunj and moved its’ Corporate Office to Hattisar, Kathmandu in October 2005. In a short history of 7 years, Laxmi Bank has emerged as a key player in both the retail and wholesale business segment and prides itself as being a bank that operates under the highest levels of corporate governance, risk management practices that can be benchmarked with best international practices. The Bank is also recognized for its IT credentials which is arguably the best in the banking industry today. Laxmi Bank’s merger with HISEF Finance in 2004 is a significant milestone in the Nepali corporate sector as this is the first and till date the only corporate merger in Nepali history. Despite adverse business environment during the past 7 years, Laxmi Bank has achieved grown every year. In terms of balance sheet size which stands at NPR 17 billion today and reach, with 17 branches. Furthermore this growth has been achieved without compromising on quality and standards as is reflected by NPA levels of 0.1%. Laxmi Bank today is a recognized thought leader in the financial services industry with a strong brand that stands for quality, trust and innovation says Suman Joshi, Chief Executive Officer. We remain committed to our goal of staying fundamentally strong in pursuit of long term growth and quality of profits. We strongly believe that "Banking is a long term proposition and there are no short cuts" adds Joshi.

May 12, 2009 - Laxmi Bank in Patan Hospital, Lagankhel

Fri, 5 Jun 2009 09:37:29 +0545

Laxmi Bank opened the doors of its 18th branch at Lagankhel which is located in the Patan Hospital Complex. Laxmi Bank is keen to strengthen its presence in Lalitpur and cater to large and growing urban population who have the inclination to adopt to new and technologically driven service delivery channels that Laxmi Bank offers. The Bank established its first branch in Lalitpur three years ago in Pulchowk which has played an important role in terms of enhancing the brand as well as contributing to our balance sheet growth. Lagankhel branch is expected to compliment the Bank’s growth plans for Lalitpur on the whole. Lagankhel is an important strategic gateway to a number of residential and commercial hubs around the Ring Road. This Branch will offer a full range of personal and retail banking solutions such as various savings and derivative deposit schemes that pay interest up to 7% p.a., home loans, life insurance, credit cards, bill payment and e-banking services and loans to small businesses. Laxmi Bank now has strong network of 18 branches and 15 ATMs in addition to around 400 payment agents across the country. Although known as a technologically driven Bank that actively promotes the usage of remote channels such as internet banking and SMS banking, Laxmi Bank continues to increase its distribution footprints under the “bricks and clicks” strategy. During the occasion Euden Koirala, Branch Manager handed over a cheque of NPR 100,000.00 to Patan Hospital on behalf of Laxmi Cares, a social initiative of Laxmi Bank employees, which will go towards renovating the paedriatic ward in the hospital. The fund was raised by Laxmi Cares through the Mountain Bike Rally organized in April 2009.

30 April 2009 - Bhat-Bhateni Club Card

Fri, 5 Jun 2009 09:37:31 +0545

Laxmi Bank and Bhat-Bhateni Super Market jointly launched the co-branded “Bhat Bhateni Club Card”, the first of its kind in the country.

The Card can be applied through any 8 Laxmi Bank branches inside Kathmandu at the time of opening a savings account at the Bank. This Card can be used at both Bhat-Bhateni stores at Maharajgunj and Bhat Bhateni. The Card is designed to offer shoppers loyalty points that can be exchanged for goods/services at the stores. Laxmi Bank takes pride in being a pioneer in introducing innovative retail banking solutions is a recognized thought leader in this domain. Statement from Suman Joshi, CEO A co-branded card in partnership with Bhat-Bhateni is in line with our continuous efforts to create a bigger and better experience for Laxmi Bank customers. It is our privilege to join hands with Bhat-Bhateni Super Market to offer a new and delightful experience to our common customers – they get the best of both worlds - an unique shopping experience as well as world class personal banking solutions. This is a win-win situation for all 3 parties concerned and we are keen to develop this alliance further by introducing more valued-added services to the cardholders.

February 9, 2009 - Laxmi Bank in Bhairahawa

Fri, 5 Jun 2009 09:37:28 +0545

Laxmi Bank’s Bhairahawa branch is now open for business. This marks the beginning of the Bank’s branch expansion in the western part of the country. In a short span of 6 years we have been successful in establishing a strong branch network inside Kathmandu valley and in the South and Eastern part of the country. The Bank chose to begin its operations in the west through the Lumbini region due to its cultural, social and commercial importance. Bhairahawa in itself is one of the most economically active city and our branch is positioned to offer full fledged banking services to all segments of the society – from large corporate to individual households. We also expect to open a branch in Butwal in the near future which will compliment and strengthen the Bhairahawa and the regional business and operations. We are confident that the Lumbini region will continue to develop into a significant commercial hub we are here to support and be part of that growth. The Branch will offer a full range of banking services ranging from personal banking solutions such as innovative savings schemes that pays interest up to @ 6.5% p.a., home loans, , life insurance, credit cards, bill payment services, e-banking services, loans to small businesses and large corporate. Furthermore, Laxmi Bank is a major player in channeling workforce remittances from the Gulf and Malaysia and we expect our presence in Bhairahawa to further strengthen our distribution capability for the region. Although known as a technologically driven Bank that actively promotes the usage of remote channels such as internet banking and SMS banking, Laxmi Bank continues to increase it’s distribution footprints increasing its retail customer base as part of the "bricks and clicks" strategy.

September 25, 2008 - Super Woman Savings

Fri, 5 Jun 2009 09:37:27 +0545

The account can be opened by women above 16 years of age with a minimum balance of just NPR 500.00. In order to encourage and instill savings and banking habit amongst women, the Bank will pay interest on the account at the rate of 6.5% per annum. Apart from these benefits, Super Woman Savings customers will also be entitled to a host of benefits and services from the 14 Laxmi Bank branches. As a special introductory feature, Super Woman Savings customers can also purchase various life insurance solutions through the Bank and receive rewards up to NPR 1,500.00 which can be cashed at Bhatbhateni Super Market and Blue Bird Department Stores. Women today are financially savvy and more importantly creators and managers of their own wealth. Laxmi Bank recognizes that women often have their own needs and goals when it comes to banking, investing and insurance and actively promotes women entrepreneurs through our Small Business Banking program. A specialized savings account is another move towards solidifying our position on women customers and their potential in the long term. We will continue to develop and introduce new initiatives and financial solutions to women in the future.