Appointment of Acting CEO: Banks/DFIs told to submit fitness document to SBP

The State Bank of Pakistan has asked the banks/development finance institutions (DFIs) to ensure submission to it (SBP) the ''Fit and Proper Test'' (FPT) documents of Acting Chief Executive Officer (CEO), before his assumption of charge. It may be pointed out that the Acting CEO, appointed pursuant to resignation/removal of the CEO, is invariably required to meet the FPT criteria prescribed for the CEO.
However, in case of temporary vacation (not exceeding one month) of the office of CEO, the banks/DFIs shall ensure to entrust charge of the office of CEO to such an officer who meets the FPT criteria prescribed for Key Executives and whose FPT documents have already been submitted to SBP, says BPRD Circular Letter No 12 of May 13, 2011.