The federal cabinet has appointed Inam Bakhsh Baloch director National Bank of Pakistan's Board of Directors headed by Zubayr Soomro, official sources told Business Recorder.
Finance Division informed the Cabinet that in terms of section 11(1) (b) of Bank's Nationalization Act 1974, NBP's Board shall consist of not less than five members and not more than seven members (excluding Chairman and President NBP). In terms of section 11(3) (a) of the Act ibid, the Chairman, the President and other members of the Board of a Bank were appointed by the federal government in consultation with the State Bank of Pakistan (SBP) for a term of three years.
It was stated that a summary for appointment of the following directors and Chairman of the Board of Directors of National Bank of Pakistan was submitted for the approval of cabinet according to which Zubayr Soomro was appointed Chairman of the Board, Muhammad Sohail Rajput, AFS/IF/Inv (GoP Director), Asif Jooma (Director), Tawfiq Asghar Hussain (Director), Ms Sadafee Abid (Director) and Zafar Masud (Director).
It was also revealed that the Cabinet, in its meeting held on February 28, 2019 approved the appointment of the Chairman and Directors and directed Finance Division to place the case of inclusion of one member each from the provinces of Khyber Pakhtunkhwa and Balochistan in the next meeting.
It was further stated that since only one slot of Director on the NBP Board was vacant therefore, Finance Division proposed Inam Bakhsh Baloch from Balochistan, with extensive experience in the banking sector, to be considered for appointment as Director on the Board of NBP for a term of three years subject to clearance by the State Bank of Pakistan.
After a brief discussion, the cabinet granted approval to the appointment of Inam Bakhsh Baloch from Balochistan as Director on the NBP Board. The cabinet also decided that a member from KPK shall also be appointed against the next available vacancy.
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