Kotwal takes charge as acting CEO of HBL

Published: December 5, 2017
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Receives SBP’s clearance, replaces Dar who is retiring on December 31. PHOTO COURTESY: HBL

Receives SBP’s clearance, replaces Dar who is retiring on December 31. PHOTO COURTESY: HBL

KARACHI: Habib Bank Limited (HBL) has announced that Rayomond Kotwal has assumed charge of acting chief executive officer ahead of sitting CEO/President Nauman K Dar’s retirement on December 31, according to a bourse filing.

“Kotwal has received…clearance from the State Bank of Pakistan (regulator),” HBL Company Secretary Nausheen Ahmad said in a notification to the Pakistan Stock Exchange on Monday.

A prior notification said “until a formal appointment has been made, Rayomond H Kotwal, HBL’s current CFO (Chief Financial Officer), will be officiating as the interim CEO.”

Changes at HBL as Nauman Dar, president and CEO, set to retire

“HBL is grateful that Dar has agreed to make himself available, as may be required, to help with the transition process. The board recognises Dar’s 15 years of service with HBL and wishes him all the very best in this next phase of his life,” the previous notification said.

HBL is undergoing a major reshuffle at the top managerial level since the announcement of Dar’s retirement.

Among other changes, the bank has earlier appointed Syed Salim Raza as a director on its board. He has served on senior positions in Citibank NA and is a former governor of the State Bank of Pakistan.

Moreover, Sagheer Mufti would join HBL as the chief operating officer with effect from January 8, 2018, the announcement said.

This is a newly created position as HBL looks to strictly comply with anti-money laundering laws in the wake of a recent $225-million penalty imposed by US authorities on its New York branch. The branch was subsequently shut down by HBL.

HBL’s profit decreases to Rs1.6b

Mufti was also employed by the Citigroup. In 2014, he joined Abu Dhabi Islamic Bank as COO where he is currently responsible for the operations, risk, compliance and control functions including cyber security, business continuity and technology.

“In his last assignment with the Citigroup, Mufti was Citibank’s Global Head for Anti-Money Laundering Operations,” the HBL company secretary said in a previous notification.

Published in The Express Tribune, December 5th, 2017.

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Reader Comments (1)

  • MAD
    Dec 5, 2017 - 10:47AM

    As of today the heads of two major banks HBL and UBL are members of religious minority groups of the country which is a positive step for the nation.Recommend

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