Laxmi Prasad Upreti Elected Chairman of National Cooperative Bank Limited

Kathmandu. Laxmi Prasad Upreti has been elected as the Chairman of the National Cooperative Bank Limited. Upreti was elected chairman by securing 5 votes among the 7 members of the board of directors.

Sources from the board of directors stated that the candidate for chairman, Paritosh Poudyal, received 2 votes. The election for the bank was held on Jestha 9, from which seven directors representing the seven provinces were elected.

The voting took place in the board of directors' meeting held on Thursday, in accordance with the recently amended bylaws which stipulate that the chairman is selected by the majority of the board members. In the voting, 5 members voted in favor of Upreti, and 2 voted in favor of Paritosh Poudyal.

Poudel, who is a director of the National Cooperative Federation, had become a director of the Cooperative Bank to become its chairman. An agreement was reached among the three political parties to make Poudyal, elected from Bagmati Province, the chairman.

However, the elected directors of the bank have elected Laxmi Prasad Upreti, the former coordinator of the bank's audit supervision committee, as the chairman. Upreti was unanimously elected from Koshi Province.

Upreti, who served as a member of the audit supervision committee in 2070 BS and as the coordinator of the audit supervision committee in 2075 and 2079 BS, has been selected as the chairman for the upcoming term of the bank.

An alliance of three political parties has resulted in a division into two groups in the election for the Cooperative Bank. Poudyal, the official candidate of the UML, received only two votes.