Nabil CEO Shah quits, to join Megha Bank

The desire to take up new challenges led me to quit the Nabil job, said Anil Shah, outgoing chief executive officer (CEO) of Nabil Bank Ltd. Shah had been serving Nabil Bank Ltd since January 15, 2004 before his resignation on Friday.

While approving Shah's resignation the 321st meeting of board directed Amrit Charan Shrestha to work as officiating CEO. Shah worked in Nabil Bank as CEO since May 1, 2005.

Shah, one of Nepal's renowned bankers, is moving to Megha Bank, which is expected to open in late January next year.

The bank has 1,228 promoters from different castes, ethnicities and professions of 62 districts of Nepal. "It is a challenge to me to manage diverse groups of promoters," Shah said, "I want to prove my ca- pacity there."

He added, "The bank has new visions in banking and I love their principles. Megha can provide me a better opportunity to prove myself." However, he did not elaborate on the issue. "We will talk about it in Megha Bank," he responded to a query on the issue. Megha Bank and Shah have signed a five-year contract with a three- year mandatory service period as CEO to avoid uncertanities. The outgoing CEO thanked Nabil Bank for his overwhelming success. "I am Anil Shah only due to Nabil Bank," he said, "Nabil's board and staffs helped me." Nabil Bank is the first choice provider of complete financial solutions among Nepali banks.

Nabil Bank got tremendous financial success during Shah's tenure. Net worth increased by 111.20 per cent between 2004 and 2009. Deposit and loans grew to 164.52 per cent and 227.51 per cent, respectively.

Likewise, net profit doubled in the period from Rs 455 million in 2004 to Rs 1,031 million in 2009.

A dispute between Nabil's board and Shah cropped up has started after Shah applied for the post of CEO of Nepal Bank Ltd (NBL).

"Yes it is true, but it is not the entire cause of my resignation," he said, "I am leaving the bank to brace for new challenges." Nepal Rastra Bank had called a proposal from Nepali bankers to revive NBL this year and Shah had applied for it.

Shah said that Nabil would do well in the coming years on the strength of its composite team. Banking is teamwork and Nabil has the required wealth, he added.