The Board of Directors (BoD) of MCB Bank, one of Pakistan’s largest commercial banks, has appointed Muhammad Nauman Chughtai as President and Chief Executive Officer (CEO).
MCB Bank announced the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday.
“This is to inform you that the existing term of Shoaib Mumtaz as President & CEO of MCB Bank Limited is expiring on December 20, 2024.
“The Board of Directors in its meeting held on December 11, 2024, has approved the appointment of Muhammad Nauman Chughtai as President & CEO of the bank,” read the notice.
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The appointment is subject to clearance of Nauman’s Fit & Proper Test (FPT) by the State Bank of Pakistan (SBP), the bank stated.
According to information available on MCB’s website, Nauman Chughtai is currently serving as Group Head of Risk Management Group at MCB. He also serves on the Board of MCB Bank Leasing Azerbaijan, a subsidiary of MCB Bank Limited.
Nauman has over 25 years of professional banking experience in local and foreign banks in risk management and corporate banking.
Meanwhile, as per the notice issued on Wednesday, upon the expiry of the term of the current President, i.e., December 20, 2024, Nauman Chughtai will also assume the charge as ‘Acting President’.
The role will be for a “maximum period of three months or clearance of FPT by SBP, whichever is earlier”.
“The Board has also placed on record its appreciation for the valuable contribution and the service rendered by the outgoing President & CEO, Shoaib Mumtaz, on completion of his term on December 20, 2024, and wished him luck for his future endeavours,” MCB’s notice added.
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