Kathmandu. The 16th Annual General Meeting of Excel Development Bank Limited has been completed. The bank held its annual general meeting under the chairmanship of Mahendra Kumar Goyal, chairman of the board of directors, on Monday.

The meeting will distribute bonus shares at the rate of 8.50 percent of the currently retained paid-up capital of 1 billion 15 million 17 lakh 92 thousand to the shareholders from the distributable accumulated profits of FY 2077/078 and 0.45 percent cash dividend for tax purposes for the said bonus shares. The proposal has been passed. Also, the bank's working area is province no. 1 has also passed the proposal to expand to all districts.

This bank, which has its central office in Virtamode, Jhapa, is currently providing banking services to customers through its branch offices located in 44 locations in Jhapa, Ilam, Morang, Sunsari and Pochthar. Since it has completed the required minimum paid-up capital with the aim of operating its business throughout 1, it is aiming to expand its working area and expand more new branches in the districts within its working area by taking the approval of the regulatory body.