Raza resigns from NBP chairmanship

Chairman National Bank of Pakistan (NBP) Syed Ali Raza has reportedly resigned from the chairmanship of the bank. Raza submitted his resignation to the Finance Ministry in the first week of July, however, the process of acceptance of his resignation is still underway. In his resignation Raza has indicated that he intends to work in the private sector.
As per the NBP act, the President of the Bank Qamar Hussain will become acting Chairman of the Board until a new chairman is appointed by the federal government. Over 70 percent shareholding of NBP is held by the State Bank of Pakistan.