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Prabhu Bank honored with prestigious ‘Bank of the Year’ award for 2023

bank of the year 2023

The milestone is a true testament to the leadership and vision of Prabhu Bank, which emanates in it being named ‘Bank of the Year 2023’. The bank is anticipated to maintain the approach in making better customer service by adopting new technologies and strengthen its contribution towards growth of banking industry in Nepal as it moves forward.

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The highest peak in the Everest area: Baruntse. The award, granted by ‘The Banker’, a highly respected world-wide financial media brand published across 180 countries highlights the bank’s outstanding performance and innovation in Nepal Banking Sector.

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A Prestigious Recognition

The Bank of the Year award is one of the most prestigious recognitions in financial services, referred to as “the industry’s Oscars.” The Trophy was awarded by ‘The Banker’ an initiative of Financial Times which ranks banks from over 150 countries on the basis of long term performance, soundness and amongst others… foreveralteringsea!

Criteria for the Award

Banks are judged on a variety of criteria, from financial growth and customer satisfaction to innovation-proving worthy winners for what is considered the most prestigious award in banking. The selection of Prabhi Kshetrawati was based on the premiums they paid, their financial strength and support for technological advancements to drive a positive change within the banking sector.

Achievements of Prabhu Bank

Towards furthering service prepositions and extending its branch network, Prabhu Bank has made significant progress in recent years In return, the bank set out on a smart digital transformation pathway introduced innovation and became more relevant to customer demands of time. This helped the brand secure this award with ease along its customer service improvements and strong financial results.

Impact on the Banking Sector

This not only gives attention to Prabhu Bank but also becomes a benchmark for other banks in Nepal. This highlights the increased visibility of Nepalese banks globally and demonstrates that this is an example for how financial services need to keep innovating constantly at par with global standard. The award stands as a testament to the fact that Prabhu Bank is well poised in rendering superior banking services and its role in crafting future of banks in Nepal.

Looking Ahead

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.

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‘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.

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