Jul 23, 2019 |
One of Reliance Group’s strategic investments has been in the banking sector. Reliance Group has the largest promoter share in Siddhartha Bank Limited and is a key promoter of Kumari Bank Limited. In 2016, both the banks had a combined annual profit of over Rs. 2 billion. Furthermore, the Group promoted SubhaLaxmi Finance Limited as a national level Finance Company with a capital base of NRS. 200 million in 2010, which later merged with Reliable Finance Limited and Nepal Consumer Development Bank Limited in Q1 2014, and was renamed Reliable Development Bank Limited. In 2016, Reliable Development Bank Limited, was acquired by Global IME Bank Limited.
The Group also has a major interest in Siddhartha Capital Limited, which is Nepal’s first Mutual Fund Manager and Depository. The company launched Siddhartha Mutual Fund, the country’s first Mutual Fund in 2012.
Along with its investment in the banking and capital markets sectors, the Group is also a promoter of prominent insurance companies such as Siddhartha Insurance Limited, Sagarmatha Insurance Company Limited, and Reliance Life Insurance Company Limited.