Banking barons

This list has been compiled from the latest annual reports of the bank listed on Karachi stock exchange.

Faseeh Mangi November 09, 2011

NOTE:  The list has been compiled from the latest annual reports of the bank listed on Karachi stock exchange, Barclays and Citibank are not listed. Compensation includes leave encashment, bonus, medical, house rent, among other perks.

Badar Kazmi

Standard Chartered

Rs278m (2010)

Rs109m (2009)

After making Standard Chartered the largest international bank in the country, Kazmi’s seven-year regime as CEO ended in September. The high point of Kazmi’s tenure was the acquisition of Union Bank for $487 million in 2006, one of the largest investments in Pakistan’s banking industry at the time. Kazmi, replaced by Mohsin Ali Nathani who served as Barclays country head and managing director, was elevated to the post of chief executive officer for Saudi Arabia and North Africa region.

Naved A Khan

Faysal Bank

Rs134m (2010)

Rs112m (2009)

Khan was instrumental in Faysal Bank’s acquisition of Royal Bank of Scotland Pakistan for Rs4.3 billion in 2010— the largest transaction of that year. Khan switched to Faysal Bank as CEO in early March 2008 after leaving the position of CEO of RBS Pakistan. Khan is not new to acquisitions; he previously led ABN AMRO’s acquisition of Prime Bank in 2007, and subsequently managed the integration of both institutions.

Safar Ali Lakhani

Soneri Bank 

Rs107m (2010)

Rs28m (2009)

The bank had the steepest bump in the chief executive’s annual package, although it is widely believed to be a one-off jump as Lakhani retired in September after leading it for 19 years. ‘Bonus, leave encashment and others’ for the year amounted to Rs62 million in 2010 compared with meagre Rs1.5 million in the previous year. Lakhani was replaced by experienced banker Atif Aslam Bajwa in September, who completed his tenure as CEO at MCB Bank three months back. However, Bajwa left and was succeeded after a short stint of seven months by Mohammad Aftab Manzoor.

Khalid A Sherwani

Allied Bank

Rs95m (2010)

Rs45m (2009)

Sherwani had served as Allied Bank CEO for two successive terms from 2000 to 2007 before being reappointed in June 2010. A seasoned banker with over 40 years of experience, Sherwani played a key role in the turnaround of the bank since its restructuring in 2004. Before joining Allied Bank he was Chief Executive Officer at UBL and Managing Director at House Building Finance Corporation.

Atif R Bokhari


Rs74m (2010)

Rs75m (2009)

Bokhari was appointed as CEO of the bank 18 months after privatisation in May 2004. Since then UBL has ventured into new diversified business and revenue streams including consumer financing, e-commerce, asset management and general insurance.

Bokhari has been in the industry for more than 25 years of experience. He started his career at Bank of America where he worked for 15 years and then moved to Habib Bank Limited in July 2000 to their Head Corporate and Investment Banking section and then to UBL.

Irfan Siddiqui

Meezan Bank

Rs73m (2010)

Rs60m (2009)

Siddiqui is the founding president of Meezan Bank, which was converted into full-fledged Islamic Commercial Bank in May 2002. This was the first-ever licence given for Islamic Commercial Banking in Pakistan. During his tenure, the bank acquired Societe Generale’s Pakistan operations in 2002 and also acted as the Shariah Structuring Adviser for the debut of the government’s international Sukuk offering for $600 million.

Syed Ali Raza

National Bank of Pakistan

Rs70m (2010)

Rs64m (2009)

The bank’s annual report shows newly appointed Qamar Hussain as the president of the largest bank by assets, however, Syed Ali Raza had the top slot until Supreme Court in January 2011 ordered him to step down after a petition challenged reappointment of Raza as president of the bank for a fifth time for one year. Finance ministry promoted Qamar Hussain to CEO after he joined the bank in 2009 as Chief Operating Officer - a post which was created seven days before his appointment.

M. U. A. Usmani


Rs57m (2010)

Rs61m (2009)

Usmani, in his second stint at the bank, was appointed in June after Atif Aslam Bajwa completed his tenure. In his first stint at MCB Bank, Usmani first joined MCB Bank in 1999 as Group Head Treasury, forex and capital markets, subsequently being assigned the responsibility of compliance of international and overseas branches before retiring on December 21, 2006. He rejoined MCB in January 2009 as group head of treasury and forex department before being promoted to the top throne.

Azmat Tarin

Silk Bank

Rs53m (2010)

Rs44m (2009)

Tarin previously worked as executive director and director, retail banking group of Union Bank Limited that was acquired by Standard Chartered in 2006. Tarin, an MBA in Management Sciences from Pepperdine University Los Angeles, California, has over 20 years of experience in banking and finance and business operations.

Anjum Iqbal

Habib Metropolitan Bank

Rs52m (2010)

Rs52m (2009)

After serving at Citibank for 30 years across the world including Greece, Venezuela, Turkey, South Africa and the UK, Iqbal joined Habib Metropolitan Bank Limited, a subsidiary of Habib Bank AG Zurich, in 2008.  Iqbal is also on the board of the Central Depository Company of Pakistan Limited. Iqbal has an MBA (Finance and Marketing) degree from Institute of Business Administration, Karachi.

Published in The Express Tribune, November 2nd, 2011.

Correction: Due to an editing error, the picture of Qamar Hussain was incorrectly subtitled as Syed Ali Raza. The correction has been made.


Majid Akhtar | 11 years ago | Reply

Well a very nice article. This article can work as a catalyst for many youngsters for driving them towards the highest achievement one can have in banking industry. It also tells us that we leave our country most of the times for making huge perks however we may make equal amount of money while living in Pakistan as well. If you look at the positive side there are a lot of good messages one can take out of this article. good piece of work.

Amir Ali | 11 years ago | Reply

First thing first, this list is not comprehensive. It says that list has been compiled of listed companies barring two. However, it is conspicuous to see Bank Alfalah, Askari Bank, NIB Bank and Bank Al Habib, all mid-tier banks, missing. Secondly, comparison of compensation package is not fruitful as some of it is based on company's, in this case, bank's performance. All of them do not seem to be equally experience as well. One thing you may notice is most of the CEOs / Presidents have work experience as country head of foreign banks i.e. Citibank, Barclays, RBS etc. Very few come from local background.

Nice article though, good to learn about the background of industry leaders!!

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