Bank of Bhutan

Bank in Bhutan

Bank of Bhutan

Company type| Public sector Undertaking
Founded| May 1968; 57 years ago (May 1968)
Headquarters| Norzin Lam,

Thimphu

Bhutan

Number of locations

| 47

Area served

| Worldwide

Key people

* Mr. Karma Yonten (Chairman)[1]
* Mr. Dorji Kadin (CEO)

[2]
Services|

* Retail banking
* Corporate banking
* Investment banking
* Mortgage loans
* Private banking
* Wealth management
* Credit cards
* Finance and Insurance

Revenue|  US$18,657,123.79 (June 2021)[3]

Net income

| US$2,023,483.97 (June 2021)
Total equity|  US$99,789,161.77 (June 2021)[4] (June 2021)
Parent| Druk Holding & Investments (DHI) and State Bank of India
Website| www.bob.bt

Bank of Bhutan (BoB) is the largest and oldest commercial bank in Bhutan. It was established under the provision of the royal charter of May 1968.[5] It was also the only central bank before the Royal Monetary Authority of Bhutan in 1982. It is registered under the Companies Act of Bhutan, 2000 as a public sector commercial bank.[6]

## History

[edit]

Bank of Bhutan ATM Van in Paro

Founded in 1968, the bank has presence in every Dzongkhang or districts with over 47 branches all over Bhutan. It also introduced ATMs, Point of Sales and Internet Banking services in the country.[7]

As of July 1, 2017, the bank's assets reached 47.7 million Ngultrum (about US$750 thousand). 55% of them consist of loans, primarily consumer loans to the population and mortgages. The bank remains the largest bank in the kingdom. It accounts for 41% of deposits and 32% of loans to the economy.[8]

## Investments

[edit]

The owners of Bank of Bhutan are Druk Holding & Investments Ltd. , which owns 80% of the authorized capital, and the State Bank of India, which accounts for 20% of the capital.[9] Until 2007, the Bank was operated by the Ministry of Finance of Bhutan. It is managed by Druk Holding & Investments, which also manages other public sector companies. Druk Holding & Investments is a holding company owned by the Government of Bhutan, whose task is to manage state property. The Ministry of Finance of Bhutan is the sole shareholder of the holding company. Druk Holding & Investments owns 10 state-owned companies in Bhutan, it owns at least 51% of the capital in 4 more subsidiaries, including the Bank, and minority stakes in 5 other companies.

## Foreign exchange

[edit]

Bank of Bhutan is an authorized dealer of foreign exchange in Bhutan. It is authorized to trade the following currencies-[10]

* U.S. dollar
* Pound sterling
* Euro
* Japanese yen
* Swiss franc
* Hong Kong dollar
* Canadian dollar
* Australian dollar
* Danish kroner
* Singapore dollar

## See also

[edit]

* Banking in Bhutan

## References

[edit]

1. ^ eSolutions, Green. "Board of Directors". Bank of Bhutan. Retrieved 2021-11-09.
2. ^ eSolutions, Green. "Management Team". Bank of Bhutan. Retrieved 2021-11-09.
3. ^ "Half Yearly Accounts June 2021" (PDF). Bank of Bhutan. Archived (PDF) from the original on 2021-11-09. Retrieved 2021-11-09.
4. ^ "RMA Macro Prudential Quarterly Disclosure 3rd Quarter 2021" (PDF). Bank of Bhutan. Archived (PDF) from the original on 2021-11-09. Retrieved 2021-11-09.
5. ^ The Statesman's yearbook 2022 : the politics, cultures and economies of the world. London. 2022. pp. 202–205\. ISBN 978-1-349-96045-3. OCLC 1264391166.`{{cite book}}`: CS1 maint: location missing publisher (link)
6. ^ eSolutions, Green. "Bank of Bhutan". Bank of Bhutan. Retrieved 2021-11-09.
7. ^ "Royal Monetary Authority". www.rma.org.bt. Retrieved 2021-11-09.
8. ^ "124015626". viaf.org. Retrieved 2021-11-09.
9. ^ "DHI Controlled Companies - DHI". dhi.wright.selise.site. Retrieved 2021-11-09.
10. ^ eSolutions, Green. "Foreign Exchange Services". Bank of Bhutan. Retrieved 2021-11-09.