Bhutan National Bank
Bhutan National Bank is a Bhutanese commercial bank that evolved from the Unit Trust of Bhutan and provides retail, corporate, payments, remittance, and digital banking services.
Last updated August 22, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
Bhutan National Bank Limited is a commercial bank headquartered in Thimphu, the capital of Bhutan. Its institutional origins date to 25 July 1980, when the Unit Trust of Bhutan was established with initial funding of Nu. 2.5 million from the Royal Insurance Corporation of Bhutan. The trust was created to encourage saving among the public and direct financial resources toward productive economic activity. It initially operated as a subsidiary of the Royal Insurance Corporation of Bhutan and reported only a small profit in its first year. In 1992, the Royal Government of Bhutan granted the Unit Trust independent-financial-institution status. With technical assistance from the Asian Development Bank, the institution was subsequently transformed into a commercial bank in 1995. Its shares were offered to the public in 1996, giving Bhutan National Bank an unusually broad public ownership base for the country’s financial sector. In 1997, the government divested 40 percent of its equity to the Asian Development Bank and Citibank. Those investors later divested their holdings to bank employees and Bhutanese members of the public. The International Finance Corporation subsequently became the only reported foreign institutional shareholder, with an approximately 11 percent stake according to the referenced account. The bank began commercial banking operations in January 1997 with paid-up capital of Nu. 59.5 million and reported net worth of Nu. 139 million. From an early stage, technology was central to its competitive identity. Bhutan National Bank started with a computerized banking environment using Micro Banker software at a time when the country’s other bank, Bank of Bhutan, was still providing services manually. The system was upgraded to Flexcube in 2003 and later to newer Oracle-based versions. The bank introduced Bhutan’s first ATM services in 2004, followed by point-of-sale terminals in 2007. SMS and internet banking arrived in 2009, extending its service model beyond branch banking. Its product and service scope includes current and savings accounts, deposits, lending, trade finance, remittances, payment cards, merchant and point-of-sale services, agency banking, and digital channels. The bank has worked with international payment and remittance networks, including Visa, RuPay, MoneyGram, and Ria. It launched a rupee-denominated prepaid card in partnership with Axis Bank in 2011, although that product was later discontinued. In 2016 it introduced a mobile-banking application and upgraded the platform in 2018. In 2019 it became the first bank in Bhutan reported to issue RuPay debit cards and became a primary member of the Visa card network. It also issued Visa debit and credit cards and obtained ISO and PCI DSS certifications during that period. Recent digital initiatives include the MyPay wallet service and BNB Remit, a proprietary remittance platform launched in 2023. The bank also operates POS-based agency banking through its Ngotshab service and maintains remittance arrangements with MoneyGram and Ria. In 2024 it upgraded its core banking environment to Oracle 14.x and rebranded with new colors and an updated identity aligned with the technology upgrade. The referenced material describes Bhutan National Bank as the country’s second-largest bank by assets, although no dated asset figure is provided here. Its historical positioning combines broad domestic ownership, early adoption of banking technology, and a full-service commercial-bank model serving individuals, businesses, institutions, and remittance users within Bhutan.
History
Bhutan National Bank traces its institutional history to the creation of the Unit Trust of Bhutan on 25 July 1980. The trust was funded with Nu. 2.5 million by the Royal Insurance Corporation of Bhutan and operated as its subsidiary. Its initial mandate was developmental as well as financial: it sought to cultivate saving habits among Bhutanese citizens and channel funds into productive sectors of the economy. The institution’s first-year profit was only Nu. 9,618.86, reflecting its early-stage role and limited scale. The Royal Government of Bhutan granted the trust independent-financial-institution status on 1 January 1992. Technical assistance from the Asian Development Bank supported its conversion into a commercial bank in 1995. The institution’s first public share offering followed in 1996, creating a significant public ownership base and making it the only financial institution in Bhutan described in the reference material as having public ownership at that time. The government sold 40 percent of its equity to the Asian Development Bank and Citibank in 1997. Those shareholders later divested their holdings to employees and the Bhutanese public, while the International Finance Corporation became the only reported foreign shareholder, holding approximately 11 percent. Bhutan National Bank formally began banking operations in January 1997. At launch, its paid-up capital was Nu. 59.5 million and its net worth was reported at Nu. 139 million. The bank differentiated itself through early computerization. Its original Micro Banker platform replaced the predominantly manual operating environment then used by the country’s other bank. In January 2003, the bank moved to Flexcube software, and in 2008 it upgraded from Flexcube 4.5 to Flexcube Corporate 7.3. A further Oracle 12 upgrade was made in 2013, followed by an Oracle 14.x upgrade in 2024. The bank’s delivery network expanded through a series of technology milestones. In 2004 it launched Bhutan’s first ATM services. Point-of-sale terminals were introduced in 2007, and SMS and internet banking were added in 2009. In 2011, the bank introduced recurring deposits and a rupee-denominated prepaid card in partnership with Axis Bank; the prepaid-card product was later discontinued. It also joined the Bhutan Financial Switch after its inauguration in 2011. Mobile services became an increasingly important part of the bank’s proposition. A mobile banking application was launched in 2016 and upgraded in 2018 with faster performance and additional services. In 2019, Bhutan National Bank became the first bank in Bhutan reported to issue RuPay debit cards and became a primary member of Visa. The same period also saw the bank obtain ISO and PCI DSS certifications and move its corporate office to a newly constructed building. The modern bank offers retail and institutional deposits, lending, trade finance, remittance services, cards, merchant payments, agency banking, and digital channels. Its Ngotshab service provides POS-based agency banking, while MoneyGram and Ria arrangements support international money transfers. MyPay added a wallet proposition, and BNB Remit, launched in 2023, gave the bank a proprietary remittance platform. In 2024, the organization combined a core-system upgrade with a brand refresh, signaling a continued emphasis on digital infrastructure and contemporary customer-facing services. The referenced material identifies Bhutan National Bank as Bhutan’s second-largest bank by asset size, but does not provide a dated asset amount.
- 2024
Core-system upgrade and brand refresh
[1]The bank upgraded to Oracle 14.x and refreshed its visual identity.
- 2023
BNB Remit launched
[1]The bank introduced its own remittance platform.
- 2019
RuPay issuance and Visa membership
[1]The bank began issuing RuPay debit cards and became a primary member of Visa.
- 2016
Mobile banking app launched
[1]Bhutan National Bank introduced its mobile banking application.
- 2011
Recurring deposit and rupee prepaid card introduced
[1]The bank launched recurring deposits and a rupee-denominated prepaid card with Axis Bank, which was later discontinued.
- 2009
SMS and internet banking launched
[1]The bank added remote banking channels for customers.
- 2007
Point-of-sale terminals introduced
[1]Bhutan National Bank expanded electronic payments with debit point-of-sale terminals.
- 2004
First ATM service in Bhutan
[1]The bank launched the country’s first ATM services.
- 2003
Core banking platform upgraded to Flexcube
[1]The bank replaced its original Micro Banker platform with Flexcube.
- 1997
Commercial banking operations began
[1]Bhutan National Bank began operations and the government divested 40 percent of its equity to the Asian Development Bank and Citibank.
Products and positioning
A domestically rooted, technology-oriented full-service commercial bank serving retail, corporate, payments, and remittance needs across Bhutan.
Retail banking
Deposit accounts
Bhutan National Bank provides CASA-style current and savings accounts together with deposit products. Its historical offering also includes recurring deposits, introduced in 2011 to support regular saving.
Commercial banking
Loans and trade finance
The bank’s lending and business-banking scope includes loans for customers and enterprises as well as trade-finance services. The available reference material does not specify individual loan products, eligibility rules, or pricing.
Payments · 2019
RuPay and Visa cards
Bhutan National Bank issues RuPay debit cards and Visa debit and credit cards. In 2019 it became the first bank in Bhutan reported to issue RuPay debit cards and became a primary member of the Visa card network.
Digital banking · 2009
Mobile and internet banking
The bank introduced SMS and internet banking in 2009 and launched a mobile banking application in 2016. The app was upgraded in 2018 with faster performance and additional services.
Agency banking
Ngotshab
Ngotshab is the bank’s POS-based agency-banking service. It extends access to banking services through agency locations and complements the institution’s branch, ATM, and digital channels.
Digital wallet · 2023
MyPay
MyPay is Bhutan National Bank’s wallet service, introduced as part of the bank’s expansion into digitally delivered payments and financial services.
Remittance · 2023
BNB Remit
BNB Remit is the bank’s proprietary remittance platform, launched in 2023. The bank also supports transfers through arrangements with MoneyGram and Ria.
Payments · 2011
Rupee-denominated prepaid card
Introduced in partnership with Axis Bank in 2011, this prepaid-card product was designed for rupee-denominated use. The referenced material states that it has since been discontinued.
Brand decisions
2024
Core banking upgrade and rebrandGeneration changeBackground
The bank was modernizing its technology infrastructure and customer-facing identity.
Action taken
It upgraded its core banking system to Oracle 14.x and refreshed its brand identity with new colors.
Aftermath
The changes aligned the bank’s visual presentation with its updated technology platform.
2023
Launch of BNB Remit and MyPayProduct launchBackground
The bank was broadening its digital-finance proposition beyond traditional accounts and card products.
Action taken
It introduced the BNB Remit remittance platform and the MyPay wallet service.
Aftermath
These services expanded the bank’s proprietary digital and remittance channels, although the available material provides no usage or financial figures.
2019
RuPay and Visa card-network expansionProduct launchBackground
The bank was expanding its electronic payments and card capabilities.
Action taken
It became the first bank in Bhutan reported to issue RuPay debit cards and became a primary member of Visa.
Aftermath
The bank’s card portfolio expanded to include RuPay debit cards and Visa debit and credit cards.
2004
ATM rolloutProduct launchBackground
The bank had positioned itself as an early adopter of computerized banking technology.
Action taken
It launched the first ATM services reported in Bhutan.
Aftermath
The rollout expanded self-service access and reinforced the bank’s technology-led positioning.
1996
Public equity offeringStrategyBackground
The institution was preparing to operate as a commercial bank and required a broader ownership structure.
Action taken
Bhutan National Bank offered equity to the public in its first initial public offering.
Aftermath
The offering established a substantial public ownership base and distinguished the bank within Bhutan’s financial sector.
1995
Conversion from trust to commercial bankStrategyBackground
The Unit Trust of Bhutan had operated as a savings-oriented financial institution since 1980 and received independent status in 1992.
Action taken
With technical assistance from the Asian Development Bank, the institution was converted into a commercial bank.
Aftermath
The transformation created the institutional basis for Bhutan National Bank’s commercial operations, which began in 1997.
Sources1 sources
Cite this profile: Cite the canonical profile. /brand-wiki/bhutan-national-bank · Editorial policy · How profiles are compiled