WCS - NIC Asia Bank Nepal (IFC-38761)

Countries
  • Nepal
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Aug 16, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
NIC Asia Bank Limited
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 5, 2019

Disclosed by Bank May 28, 2019


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Project Description

According to the bank website, "the project will provide funding to the Bank to support the working capital needs of its clients, especially Small and Medium Enterprise (“SME”) clients in key sectors within Nepal’s economy."

Investment Description
  • International Finance Corporation (IFC)
Private Actors

According to IFC, NIC Asia Bank was established on July 1998 as NIC Bank. The Bank merged with Bank of Asia Nepal in June 2013, to form NIC Asia Bank. It is the third largest private sector commercial bank in the country in terms of asset size. The Bank offers a range of financial services including corporate banking, retail banking, cash management, remittance, payment solutions, trade finance, treasury and correspondent banking, bank guarantee, and wealth management. The Bank is listed on the Nepal Stock Exchange, with 49% of ownership publicly traded and widely held. The remaining shares are owned by a group of individuals, including Ashok Kumar Agrawal (6.45%), Trilok Chand Agarwal (5.34%), Subhash Chandra Sanghai (5.24%).

Contact Information

NIC Asia Bank Limited
Bimal Lamsal
Head - Treasury
+977-5111181/82
bimal.lamsal@nicasiabank.com
Trade Tower, Thapathali, Kathmandu, Nepal
www.nicasiabank.com

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/