25th July 1980: Unit Trust of Bhutan (UTB), an undertaking of the Royal Government was incorporated on its Memorandum and Articles of Association under the Rules and regulations of Bhutan with an initial capital of Nu.2.5 million, contributed by the Royal Government and the Royal Insurance Corporation of Bhutan (RICB). The Trust functioned as a subsidiary of the RICB.
The Basic purpose for the formation of the Trust was to:
- Inculcate saving habits among the general public
- Channel resources into productive sectors.
1st January 1992: The Royal Government conferred the Trust independent Financial Institution status.
31st December 1992: In its first year the Trust declared a profit of Nu. 9,618.86.
1995: With the growing economy and the presence of only one bank in the kingdom The Royal Government commanded that the Trust be converted into a commercial bank. For the conversion the Asian Development Bank offered technical assistance.
July 1996: Bhutan National Bank's (BNB) equity was offered to the public. 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.
December 1996: BNB 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.
6th January 1997: BNB officially opened for business.
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.
January 2003: Upgraded to new banking software, Flexcube by Iflex solutions.
2004 Launched first ever ATM services at Thimphu & Phuntsholing for convenient banking.
2007 Launched of ATM cum Debit Card Point of Sale terminals.
August 2008 Upgraded banking software from flexcube 4.5 to flexcube corporate 7.3
March 2009 Launched SMS services.
14th November 2009 Launched Internet Banking.
12th April 2011 Launched Recurring Deposit and Rupee Denominated Prepaid card
2nd December 2011 Launched the Bhutan Financial Switch (BFS) which was inaugurated by the Hon’ble Prime Minister of Bhutan.
10th November 2012 Launched Piggy Bank Accounts for children aged 6-18.
14th December 2012 Launched B-Wallet Service by Hon’ble Lyonpo Nandalal at Taj Tashi.