Mega Bank bags of the Year 2019'

Mega Bank Nepal Ltd has become the youngest Bank in Nepal to receive the ' Bank of the Year' award. The Banker, a highly recognised UK-based international financial affairs magazine with over 90 years of history, presented the internationally prestigious ' Bank of the Year 2019, Nepal' award to Mega Bank, as per a media release. The Chairman of the bank Bhoj Bahadur Shah and Chief Executive Officer Anupama Khunjeli received the award on Thursday evening in a formal ceremony organised in London.

Every year, The Banker selects one winning bank each, from over 120 countries out of over 1,000 banks. This week, Mega Bank has also been certified by ISO 9001:2015 by United Registrar of Systems in recognition of compliance of quality management systems.

The bank currently operates with 111 branches, 21 extension counters, 112 ATM terminals, 119 branchless banking outlets and more than 2,500 Mega Remit agents under its growing network. Financial services group SBI Holdings Inc. and a regional bank in Fukushima Prefecture on Monday announced a capital tie-up that will expand the Tokyo-based company's networks.

SBI will invest ¥1.11 billion ($10 million) in Fukushima Bank and provide expertise on financial products and information technology to enhance efficiency in the bank's business practices, the two firms said.

SBI will become Fukushima Bank's top shareholder with an equity stake of about 18 percent. SBI will buy 5 million new shares to be issued by the bank under a third-party allotment system for ¥222 apiece. Including shares held by subsidiaries, the SBI group's overall stake will rise to some 19 percent, and it will send an official to serve on the bank's board.

Fukushima Bank, which has been struggling with profitability under the Bank of Japan's ultraeasy monetary policy, including negative interest rates, said it greenlighted the alliance at a board meeting Monday and expects the tie-up to help deliver a turnaround.

SBI has been expanding alliances with banks in its effort to become Japan's "fourth mega-bank," joining Mizuho Financial Group Inc., Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. In September, SBI concluded a capital tie-up with Shimane Bank, injecting ¥2.5 billion. The alliance with Fukushima Bank is its second tieup with a regional financial institution.

Established in 1922, Fukushima Bank posted a group net loss of ¥3.12 billion in the business year ended in March last year, falling into the red for the first time in seven years.