The ICC Consulting Bank of Scotland Ltd. has taken over the management of the ailing Nepal Bank Ltd., Nepal’s oldest commercial bank for two years, an announcement said Monday.
J. Creg Alister will lead the 16 member management team. The takeover was delayed for a week. Nepal Bank Ltd. has a staff of 6,000 and 150 branches.
The move, supported by the World Bank, aims to restore the health of the bank which some financial analysts said was near insolvency.
The Deloitte Touche Tomatsu (DTT), a U.S. consultancy firm, earlier reneged on an agreement with the Nepal Rashtra Bank to take over the management of Rashtriya Banijya Bank (RBB) for two years.
The RBB is Nepal’s biggest bank. nepalnews.com br July 22