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Nepal bank taken over

NepalNepal’s central bank Nepal Rastra Bank (NRB) has taken over the board of directors of Nepal Credit and Commerce (NCC) Bank. The board meeting of NRB decided to suspend the board of of NCC, sensing that serious disputes and problems within the bank´s board could have negative impact on the confidence of public depositors and investors. The central bank also decided to send a three-member team led by director Laxmi Prapanna Niroula to the bank. NRB´s intervention came in wake of reports about power tussle between two groups of shareholders at the bank. The NCC board meeting has not been convened since 2 November last year due to the dispute between the two groups. A the central bank decided to take over the NCC Bank as the internal wrangling of the BoD was posing a serious threat to the interests of public depositors. A senior official of the central bank said the decision was taken after the bank ignored repeated instructions of the central bank to resolve the conflict. Stating that the main reason for takeover was the problem within the board, NRB has urged all depositors, lenders and customers of the bank to conduct business as usual.

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