Prabhu Bank appoints Suman Sharma as CEO; Assumes office immediately

KATHMANDU – Prabhu Bank Limited has appointed veteran banker Suman Sharma as its new Chief Executive Officer (CEO), with the appointment coming into effect immediately. The decision follows the resignation of former CEO Ashok Sherchan, whose departure was approved by the bank’s Board of Directors earlier this week, marking a significant leadership transition in Nepal’s commercial banking sector.

According to bank officials, Sherchan submitted his resignation on Monday, and the board meeting held the same day endorsed his exit. Subsequently, another board meeting convened today formally appointed Sharma to the top executive position for a four-year term, underscoring the bank’s effort to ensure leadership continuity and institutional stability at a time when Nepal’s banking and financial system is navigating liquidity management, regulatory tightening, and rising asset quality concerns.

Prabhu Bank’s source confirmed that Sharma took the oath of office and formally assumed his responsibilities today. The swift transition indicates the board’s confidence in Sharma’s professional track record and its intent to maintain operational momentum in a competitive banking environment shaped by digital transformation, credit risk recalibration, and evolving Nepal Rastra Bank (NRB) directives.

Sharma is widely recognized in Nepal’s banking industry as an experienced and results-oriented executive, bringing over two and a half decades of banking experience. He began his banking career in 1997 through Nepal SBI Bank, one of the country’s established joint-venture banks.

Over the years, he has held senior leadership roles across multiple commercial banks, including serving as CEO of Machhapuchchhre Bank and Sunrise Bank, where he was associated with institutional expansion, branch network optimization, and improvements in operational governance.

Industry observers note that Sharma’s appointment comes at a critical juncture for commercial banks in Nepal, which are under pressure to strengthen capital adequacy, manage non-performing loans (NPLs), and align with tightening prudential norms. Leadership with deep sectoral understanding is viewed as essential as banks balance credit growth with risk management while also expanding digital banking services and financial inclusion.

Academically, Sharma holds a strong multidisciplinary background. He completed Master’s degrees in Economics and Physics from Tribhuvan University, reflecting a blend of analytical and quantitative expertise. He also earned an MBA from Maastricht School of Management in the Netherlands, where he graduated as a gold medalist, a distinction that adds to his professional credibility in strategic management and international business practices.

Prabhu Bank, one of Nepal’s prominent commercial banks, has been working to consolidate its market position amid intensifying competition, regulatory scrutiny, and a gradual shift toward technology-driven banking. The new CEO is expected to focus on strengthening core banking operations, improving asset quality, enhancing customer-centric digital services, and reinforcing compliance frameworks in line with NRB supervision.

Meanwhile, outgoing CEO Ashok Sherchan, who had previously drawn public and regulatory attention during his tenure, formally stepped down following the board’s acceptance of his resignation. Company Secretary Amit Bhandari stated that the board meeting held on Magh 19 approved Sherchan’s resignation, clearing the way for the leadership change.

With Sharma now at the helm, stakeholders including investors, depositors, and regulators will be closely watching the bank’s strategic direction, particularly in areas such as loan portfolio management, profitability recovery, corporate governance, and adaptation to Nepal’s evolving financial sector policies.