By Tenzin Dharpo
DHARAMSHALA, July 31: The exile Tibetan government, known officially as the Central Tibetan Administration’s finance wing said its public offering for equity shares for the Gangjong Bank (TibFin) has been met with a pledge of $1 million as investment from Tibetans in North America.
Non-profit Social and Resources Development Fund (SARD) under the Department of Finance of the CTA said it offered 49% of the required initial capital of INR100 crores (USD15 million) to the Tibetan community in two offerings of a minimum of USD15,000 in equity shares and a minimum of USD 25,000 in short-term preference shares. “55 investors had pledged a total of $1 million in investment with many more expressing interest. There was a high level of interest in TibFin and the Institution projects investments from North America to exceed $1.5 million in the coming months,” SARD said in its report.
The majority of the investors are said to be ordinary Tibetans motivated to support the community and efforts of the CTA rather than seeking any significant financial gain.
SARD’s Kaydor Aukatsang, Chief Resilience Officer, and Dr. Kunchok Tsundue, Chief Planning Officer toured nine cities in the United States and Canada including Washington, DC, Vancouver, Seattle, Portland, San Francisco Bay Area, Southern California, Minneapolis, Toronto, and New York between June and July to pitch investors and gather capital for Gangjong bank.
Of the initial capital requirement of INR100 crores (USD15 million), only INR 6.88 crores ($1 million) has been pledged which amounts to less than 7% of the required marker. In January 2018, when the company was first introduced, its Chief Planning Officer, Dr. Kunchok said that it will be some time until the Non Banking Financial Corporation grows into a fully fledged bank as planned and that success and public involvement in terms of capital will be crucial factors for the same.