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History in Brief -
(Chronological)
25th July 1980:
Unit Trust of Bhutan (UTB), an undertaking of
the Royal Government was incorporated on its Memorandum
and Articles of Association under the Rules and
regulations of Bhutan with an initial capital of
Nu.2.5 million, contributed by the Royal Government
and the Royal Insurance Corporation of Bhutan (RICB).
The Trust functioned as a subsidiary of the RICB.
The Basic purpose for the formation of the Trust
was to:
i. Inculcate saving habits among the general public
ii. Channel resources into productive sectors.
1st
January 1992:
The Royal Government conferred the Trust independent
Financial Institution status.
31st December 1992:
In its first year the Trust declared a profit of
Nu. 9,618.86.
1995:
With the growing economy and the presence of only
one bank in the kingdom The Royal Government commanded
that the Trust be converted into a commercial bank.
For the conversion the Asian Development Bank offered
technical assistance.
July 1996:
Bhutan National Bank's (BNB) equity was offered
to the public. This made the Bank the only financial
institution that was widely owned by the public
in the country with an ownership of 28.58 percent.
December 1996:
BNB computerized. Launched the banking software;
Micro Banker.
1997:
The Royal Government divested 40 percent of its
equity to the Asian Development Bank and Citibank
making it the only institution in the country with
foreign interests.
6th January 1997:
BNB officially opened for business.
March 2001:
The Royal Government reduces its nominees to the
Board, to encourage private sector participation
to the optimum and to cultivate a sense of competition,
dynamism, and professionalism.
January 2003:
Upgraded to a new banking software, Flexcube by
Iflex solutions.
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