NBP chief to get Rs9.5mn monthly salary, Rs30mn life insurance, two cars

The shareholders of National Bank of Pakistan (NBP) have approved a compensation package for President and Chief Executive Officer (CEO) Imran Sarwar, effective from the date he assumed office on September 9, 2026.

The listed bank informed in a regulatory filing at the Pakistan Stock Exchange (PSX) on Friday.

The package was approved under Section 11(3)(a) of the Banks (Nationalization) Act, 1974, and is subject to deduction of applicable taxes.

Under the approved terms for 2026-2029, Sarwar will receive:

- A gross salary of Rs9.5 million per month.

- A variable annual performance bonus based on key performance indicators approved by shareholders and evaluated by the board.

- House rent allowance of Rs1 million per month in lieu of a concessional staff home loan.

Perks include utilities, two residential telephones, two mobile phones and monthly bills at actual cost, security arrangement of four guards on 12-hour shifts at his residence, and reimbursement of Rs150,000 per month for five domestic help staff.

“The President and CEO will be entitled to two vehicles. One vehicle upto 3,500 cc (Entitlement Vehicle) and the second vehicle from the available bank’s pool.

“The President and CEO will have the option to purchase the Entitlement Vehicle at 10% of the cost or written-down value (WDV), whichever is higher on expiry of the contract,” read the filing.

Two drivers will be provided or alternatively salary reimbursed at Rs45,000 per driver per month.

Other benefits include 30 days annual leave and 18 days casual/sick leave per annum. “Annual leave may be accumulated up to 90 days, which is encashable on the basis of last drawn gross salary,” it said.

Apart from this, the CEO will be provided with a generator facility at residence of up to Rs1.5 million amortised over the tenure; medical/dental coverage for self and dependent family in Pakistan at actuals; life insurance cover of Rs30 million during the tenure of contract.

“50% yearly premium to be paid by President & CEO and remaining 50% yearly premium to be paid by the bank during the tenure of contract only,” it said.

Moreover, the CEO will be provided with gratuity of one month’s last drawn gross salary for each year of service; and entry fee for two clubs and subscription charges for three clubs to be paid by the bank.

The package will remain fixed during the contract term, the filing said.

On separation, if the employment agreement is terminated by the employer before expiry, “the President and CEO shall be paid for the remaining unexpired term of the agreement in accordance with the applicable terms and conditions of the approved contract.”

In case of resignation, Sarwar shall proceed on a three months’ gardening leave as part of the notice period.

Imran Sarwar was appointed as the President and CEO of the NBP for a three-year term, effective September 3, 2026.

Sarwar brings over 36 years of diverse banking experience, encompassing corporate, institutional, investment banking, credit, and risk management, gained in Pakistan and international markets. Before joining NBP, he served as Group Executive, Risk & Credit Policy and Chief Risk Officer at United Bank Limited (UBL). He also held senior leadership positions at Standard Chartered Bank, including Managing Director and Head of Corporate Banking for the UAE. Additionally, he has served on the boards of Khushhali Microfinance Bank and the Pakistan Mortgage Refinance Company (PMRC).