In a significant milestone for the Nepalese banking sector, Prabhu Bank has been honored with the prestigious 'Bank of the Year' award for 2023. The recognition is particularly noteworthy as it underscores the financial institution's transformative path, transitioning from a finance company to a development bank before attaining its current status as a commercial bank.
The esteemed accolade was bestowed by 'The Banker,' a renowned magazine published by the London-based Financial Times. The award ceremony took place in London, where Prabhu Bank's Chairman, Lila Prakash Sitaula, and Chief Executive Officer, Ashok Sherchan, accepted the accolade with pride.
Ashok Sherchan, the CEO of Prabhu Bank, expressed his gratitude for the international recognition, anticipating that the award would further catalyze the bank's expansion of service delivery. He hailed the achievement as a success for Nepal's banking sector.
Chairman Lila Prakash Sitaula echoed these sentiments, emphasizing that the award contributes to the overall success of Nepal's banking system. He highlighted the significance of the honor against the backdrop of the current economic climate, noting that it serves as encouragement for the entire banking sector to continue delivering fair returns to both clients and shareholders.
'The Banker' magazine, in its 24th year of distributing such accolades, conferred awards to banks from over 150 countries in 2023. The criteria for the 'Bank of the Year' award involve recognizing outstanding financial performance among commercial banks in each country. Prabhu Bank's recognition on this international stage is expected to bring further credibility and opportunities for the institution, solidifying its position as a key player in Nepal's banking landscape.