Laxmi Bank Limited, a private sector bank promoted by the Khetan Group, has entered into a Technical Services Agreement with Hatton National Bank (HNB) of Sri Lanka, bank officials announced this week. The agreement provides Laxmi Bank with HNB's technical and managerial expertise and also allows access to HNB's vast network of 450 banks in 80 countries around the world. Employees of Laxmi Bank will also be trained through exchange programs and on the job training at HNB branches.

Laxmi Bank started its operations in April and became the 16th private bank in Nepal. It has expanded services in Birgunj, Jeetpur and Banepa. Addressing a press meet here Saturday, chairman Mohan Gopal Khetan said that despite the country facing economic hardships, his bank had achieved breakeven position within six months of operation. CEO Suman Joshi says Laxmi Bank had become the first commercial bank in the SAARC region to obtain SWIFT technology, had installed Flexcube, a world class banking software and was all set to launch Internet banking.