Introduction
Best Finance Company Ltd. (BFC) is the emerging name in the banks and financial industry of the country, with the new vision, mission and values to drive into a new height by providing the best financial services and ultimately contributing to the Nepalese economy. The BFC is incorporated under Company Act, 2063 and duly licensed by Nepal Rastra Bank ( the Central Bank of Nepal ) as a "C" class financial Institution as per Banks and Financial Institutions Act, 2073. The company was established as then General Finance Ltd. in 2052 B. S. in accordance to the then prevailing laws. The name was changed to the new one "Best Finance Company Ltd." in order to address the changes in the company for operating smoothly and efficiently in new environment. It is one of the oldest finance companies in Nepal with 32 historical years.
During the course of its operation, it faced a huge crisis of the loss in paid up capital of the company due to the then malpractices of corporate governance. The company was declared as the problematic financial institution by Nepal Rastra Bank due to this reason. Knowing the facts about the then General Finance Limited of the problematic condition, a team of young and energetic business professionals, majorly Non - Resident Nepalese and the local reputed entrepreneurs, decided to rescue the company from the problematic condition. The new team of investors consisted of Mr. Rajendra Kumar Sharma (NRN - Qatar) as the coordinator, Mr. Robinda Prasad Shrestha (Gobinda)(NRN- Japan), Mr. Milan Thapa, Mr. Padam Raj Neupane, Ms. Anjana Chakubaji and other reputed entrepreneurs as members. The team discussed with Nepal Rastra Bank and injected Rs. 87.9 Million to the Paid-up Capital of the company in the form of calls -in-advance. This resulted into a strong capital adequacy ratio of above 35% against the requirement of 11% for which Nepal Rastra Bank lifted the sanction of problematic financial institution. The new team then commenced the operation of the finance as a normal one since 2073 Poush 7 organizing a programme inaugurated by the Governor of Nepal Rastra Bank.
The new team of investors performed a lot of works to bring the company into a normal one. A new Board of Directors (Board) was formed by the 16, 17, 18, 19 and 20th Annual General Meetings. Now the BFC is operating under prudent and efficient banking practices. The new Board has given emphasis on the good corporate governance practices. The Board aims to develop the institution with the following Vision, Mission and Values which can be recalled as the acronym 'Be BEST GLOW':