Bhutan National Bank Ltd. (Bhutan)

The Bank provides various banking services to individuals, business firms, corporate houses, and agencies in Bhutan.
The Company's banking products and services includes deposit facilities; international banking services; point of sale, SMS, and Internet banking services; MoneyGram that facilitates international money transfers; and B-Wallet service that allows money transfer through cell phones. Its deposit facilities include current, savings, fixed deposit, and foreign currency accounts; and piggy banks, fixed deposit accounts, and recurring deposits.
The Company's international banking services include buying and selling foreign currency notes and TCs over the counter; trade finance; fund remittance facilities by cheques/drafts/TT; acquiring/acceptance of VISA credit cards; and providing gold VISA international credit cards. It also provides credit products, which include mortgage/housing, personal, business, and industrial loans; loans against shares and fixed deposits; government employee loans; bank guarantees; and consumer and transport loans. In addition, the company offers credit, debit, and prepaid cards. Bhutan National Bank Ltd.
The Bank was incorporated and offered to the public in 1996 . 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.
In December 1996 The Bank was 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.
In 6th January 1997 The Bank was officially opened for business.
In 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.
On January 2003 Upgraded to new banking software, Flexcube by Iflex solutions.
In 2004 The Bank Launched first ever ATM services in Bhutan at Thimphu Phuntsholing for convenient banking.
In 2007 The Bank Introduced debit Point of Sale terminals in Bhutan.
On August 2008 Upgraded banking software from flexcube 4.5 to flexcube corporate 7.3.
In March 2009 The Bank Launched SMS.
On 14th November 2009 The Bank Launched Internet Banking.
On 12th April 2011 The Bank Launched Recurring Deposit and Rupee Denominated Prepaid card.
On 2nd December 2011 The Bank Launched the Bhutan Financial Switch (BFS) which was inaugurated by the Hon'ble Prime Minister of Bhutan.
On 10th November 2012 The Bank Launched Piggy Bank Accounts for children aged 6 - 18.
In 14th December 2012 The Bank Launched B-Wallet Service by Hon'ble Lyonpo Nandalal at Taj Tashi.
2014-12-31
The consolidated financial statements of the Bank have been prepared in accordance with Bhutan Accounting Standards (BAS) in line with International Financial Reporting Standards (IFRS). Also, this is the first time that the company is following International Financial Reporting Standards in line with IFRS 1 first time adoption