KATHMANDU, Oct 25: The chairman of Everest Bank, BK Shrestha, has passed away at the age of 94 while receiving treatment at Medicity Hospital. His demise occurred on Mahanavami, and his funeral took place on Dashami.
BK Shrestha was a trailblazer in the Nepali banking sector, as he was the visionary who founded Everest Bank. He diligently served as the chairman of the bank for an impressive 26 years. His notable initiative led to a strategic collaboration between India's Punjab National Bank and Nepal's Everest Bank, with Punjab National Bank holding a 20 percent share in Everest Bank.
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Aside from his significant role in Everest Bank, BK Shrestha held the largest share in the bank among his family members. He was also involved in business ventures in India and made substantial investments in Indian banks and financial institutions. Notably, his belief in separating banking and business led him to refrain from conducting business activities in Nepal, except in the financial sector.
Recently, at the 29th annual general meeting of the bank held on October 17, BK Shrestha was re-elected as the chairman. In recognition of his contributions to the banking sector, he was honored by Nepal Bankers Association in the year 2075 BS. During this event, the then Minister for Finance, Dr Yuvraj Khatiwada, described Shrestha as a pioneer in the banking industry.
BK Shrestha, who spent most of his time in India, shared valuable insights with prosperous bankers upon receiving this recognition, stating, "Banks do not falter due to losses. It is the increase in bad debts that leads to their downfall." His wisdom continues to resonate within the banking community.
