Nabil Bank CEO Gyanendra Dhungana Resigns Amid NRB Governor Race
25th March 2025, Kathmandu
Gyanendra Dhungana, the CEO of Nabil Bank, has resigned from his position. The resignation comes as Dhungana has entered the competition for the position of Nepal Rastra Bank (NRB) Governor.
Nabil Bank CEO Gyanendra Resigns
Sources indicate that Dhungana’s decision was driven by his desire to join the race for the country’s top banking role.
Internal Discussions on New CEO Appointment
After Dhungana’s resignation, Nabil Bank’s board started discussing the appointment of a new CEO. This conversation had been underway for some time, particularly after Dhungana began showing interest in the NRB Governor position. The board had been anticipating this shift, given Dhungana’s involvement in the governor’s race.
Reports suggest that Sujit Shakya, the Senior Deputy CEO, is likely to take over as the new CEO. The board had earlier promoted Manoj Jhawali to Senior Deputy CEO when Dhungana first showed interest in becoming the NRB Governor. Despite this, discussions are still ongoing regarding Bhupendra Pandey, who is currently a Deputy CEO at the bank. There is no final decision yet on who will assume the top role at Nabil Bank.
Dhungana’s Strategic Move for NRB Governor
Dhungana’s resignation has sparked speculation about his candidacy for the NRB Governor position. It is believed that he resigned from his CEO position because government regulations do not allow sitting CEOs to be appointed as Governor. This step is seen as Dhungana positioning himself to be a serious contender for the NRB’s top position.
Sources close to Dhungana suggest that his resignation had been planned for some time, as he had been preparing for the NRB Governor’s race. His name has emerged as a strong candidate alongside other high-profile figures who are also vying for the Governor’s position.
Political Lobbying and Growing Competition
Dhungana, who had been preparing to compete for the NRB Governor position for over a year, began political lobbying in 2022. His intentions were confirmed in August 2023 when it was revealed that he was actively working on securing the position. Since then, he has been widely considered one of the potential candidates for NRB Governor.
However, Dhungana is not alone in his pursuit of the position. Many other candidates have entered the race, including CEOs from other banks and people with experience in regulatory bodies. These individuals are also participating in political lobbying efforts to increase their chances of being selected.
Pressure to Resign
Dhungana had previously stated that he would not resign until his name was officially recommended by the NRB Governor’s selection committee. However, circumstances have changed, and pressure has increased from higher authorities for him to resign before any official recommendations are made. As a result, Dhungana, who had been on leave since last week, is now under pressure to make his resignation official.
Nabil Bank’s Chairman, Upendra Paudel, confirmed that Dhungana is still on leave. However, he has not yet formally resigned. Dhungana has mentioned that he will decide on his resignation in the coming days.
A Competitive Race for the NRB Governor Position
With Dhungana joining the race for NRB Governor, he now competes with many other prominent candidates. At least two dozen individuals have expressed interest in the role, including other bank CEOs and experienced figures from financial oversight institutions. Each of these candidates is working to gain political support, making the selection process even more competitive.
The race for the NRB Governor position is heating up, with significant lobbying efforts underway from all sides. The final decision on who will lead Nepal’s central bank remains to be seen.
For more: Nabil Bank CEO Gyanendra Resigns
