Citi banker likely to be appointed NBP head
Bank of Punjab president resigns a month before the end of his term
CREATIVE COMMONS
The Pakistan Tehreek-e-Insaf (PTI) government may appoint a Citi banker to head the country’s second largest bank - National Bank of Pakistan - as it aims to bring an upright and professional person to lead the institution.
In a related development, Bank of Punjab President Naeemuddin Khan has stepped down a month before the end of his term. Khan forwarded his resignation to the Punjab chief minister on Thursday.
Finance Minister Asad Umar on Friday conducted interviews of shortlisted candidates for the post of NBP president and almost all of them had been employed at the Citibank in the past. Other members of the interview panel were Prime Minister’s Adviser on Commerce and Industry Abdul Razak Dawood and Adviser on Institutional Reforms Dr Ishrat Husain.
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The finance minister has also shortlisted candidates for the posts of commissioners of the Securities and Exchange Commission of Pakistan (SECP) and members of the Competition Commission of Pakistan (CCP).
The process of finalising the candidates for appointment as SECP commissioners, CCP members and NBP president is expected to be completed by Tuesday, said Umar. Final decision will be made by the federal cabinet.
Meanwhile, the Bank of Punjab president resigned a month before the end of his term. As per central bank guidelines, Naeemuddin served a one-month notice. Effectively, he would leave the office just two weeks before his extended term ends on December 19, 2018.
In the resignation letter, Khan said under his stewardship, the Bank of Punjab experienced a turnaround, which was once declared nearly bankrupt.
NBP president
The finance ministry has taken affidavits from shortlisted candidates for positions of SECP commissioners, CCP members and NBP president about their nationality, past conduct and court cases, according to sources in the ministry.
The candidates have been asked to disclose their nationality, court cases and past conduct with an aim to avoid any embarrassment and pick upright and professional people, the sources said.
For the post of NBP president, Arif Usmani, Nadeem Lodhi, Javed Kureishi - all Citi bankers, Wajahat Hussain and Atif Bajwa had been shortlisted. However, Bajwa excused himself as he has renounced Pakistani nationality to get Austrian nationality, the sources said.
Usmani has been working in Mashreq Bank. His past experience includes global head of wholesale banking at Abu Dhabi Islamic Bank PJSC, managing director and country officer of Citibank NA Pakistan.
Kureishi has been the Asia head at Citigroup and served as its chief operating officer of business in the Middle East until September 2010. Kureishi served as country officer of the Czech Republic at Citigroup.
Lodhi has been the chief executive officer for Pakistan business at Citibank NA since April 24, 2012. He also served at Abraaj Capital and as the head of business in Sub-Saharan Africa at Abraaj Capital.
Sources added Lodhi and Usmani were the hot favourites.
NBP is Pakistan’s second largest bank after Habib Bank Limited. Former NBP president Saeed Ahmad had brought major structural changes and increased the number of bank’s regional offices to 37 from 23 and delegated powers to regional management teams. This resulted in an increase in its profits.
NBP announced after-tax earnings of Rs12.5 billion for the January-June period, registering a 46% increase.
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Sources said the government also conducted interviews of Sadia Khan, Naveed Qazi, Bilal Rasul, Akif Saeed and Mohammad Ali to fill two vacant positions of SECP commissioners.
At present, Tahir Mehmood is the acting chairman of the SECP. The chairman will be appointed from among the five commissioners.
Sources said Shauzeb Ali, who has recently been appointed commissioner, was also vying for the post. He is the husband of PTI MNA Kanwal Shauzeb.
Published in The Express Tribune, November 10th, 2018.
In a related development, Bank of Punjab President Naeemuddin Khan has stepped down a month before the end of his term. Khan forwarded his resignation to the Punjab chief minister on Thursday.
Finance Minister Asad Umar on Friday conducted interviews of shortlisted candidates for the post of NBP president and almost all of them had been employed at the Citibank in the past. Other members of the interview panel were Prime Minister’s Adviser on Commerce and Industry Abdul Razak Dawood and Adviser on Institutional Reforms Dr Ishrat Husain.
Corporate Corner: Askari Bank, PMRC sign refinance agreement
The finance minister has also shortlisted candidates for the posts of commissioners of the Securities and Exchange Commission of Pakistan (SECP) and members of the Competition Commission of Pakistan (CCP).
The process of finalising the candidates for appointment as SECP commissioners, CCP members and NBP president is expected to be completed by Tuesday, said Umar. Final decision will be made by the federal cabinet.
Meanwhile, the Bank of Punjab president resigned a month before the end of his term. As per central bank guidelines, Naeemuddin served a one-month notice. Effectively, he would leave the office just two weeks before his extended term ends on December 19, 2018.
In the resignation letter, Khan said under his stewardship, the Bank of Punjab experienced a turnaround, which was once declared nearly bankrupt.
NBP president
The finance ministry has taken affidavits from shortlisted candidates for positions of SECP commissioners, CCP members and NBP president about their nationality, past conduct and court cases, according to sources in the ministry.
The candidates have been asked to disclose their nationality, court cases and past conduct with an aim to avoid any embarrassment and pick upright and professional people, the sources said.
For the post of NBP president, Arif Usmani, Nadeem Lodhi, Javed Kureishi - all Citi bankers, Wajahat Hussain and Atif Bajwa had been shortlisted. However, Bajwa excused himself as he has renounced Pakistani nationality to get Austrian nationality, the sources said.
Usmani has been working in Mashreq Bank. His past experience includes global head of wholesale banking at Abu Dhabi Islamic Bank PJSC, managing director and country officer of Citibank NA Pakistan.
Kureishi has been the Asia head at Citigroup and served as its chief operating officer of business in the Middle East until September 2010. Kureishi served as country officer of the Czech Republic at Citigroup.
Lodhi has been the chief executive officer for Pakistan business at Citibank NA since April 24, 2012. He also served at Abraaj Capital and as the head of business in Sub-Saharan Africa at Abraaj Capital.
Sources added Lodhi and Usmani were the hot favourites.
NBP is Pakistan’s second largest bank after Habib Bank Limited. Former NBP president Saeed Ahmad had brought major structural changes and increased the number of bank’s regional offices to 37 from 23 and delegated powers to regional management teams. This resulted in an increase in its profits.
NBP announced after-tax earnings of Rs12.5 billion for the January-June period, registering a 46% increase.
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Sources said the government also conducted interviews of Sadia Khan, Naveed Qazi, Bilal Rasul, Akif Saeed and Mohammad Ali to fill two vacant positions of SECP commissioners.
At present, Tahir Mehmood is the acting chairman of the SECP. The chairman will be appointed from among the five commissioners.
Sources said Shauzeb Ali, who has recently been appointed commissioner, was also vying for the post. He is the husband of PTI MNA Kanwal Shauzeb.
Published in The Express Tribune, November 10th, 2018.