ISLAMABAD: The federal cabinet did not approve the candidate proposed by the Finance Division for appointment of the president of the National Bank of Pakistan (NBP) and directed to re-advertise to fill the post.

Sources said the Finance Division after the approval of the finance minister moved a summary to the federal cabinet seeking the appointment of the president NBP. The cabinet was informed that the president NBP is appointed by the federal government in consultation with the State Bank of Pakistan (SBP) for a term of three years, as provided under the Banks (Nationalization) Act, 1974.

The position of the president NBP was advertised in the national newspapers on February 13, 2022 and a corrigendum was published on February 15, 2022.

In response to the advertisement, 120 applications were received which were scrutinised by a short-listing committee headed by the finance secretary as notified vide the Finance Division’s order dated September 23, 2021. The list of shortlisted candidates along with their CVs was shared with the SBP.

The meeting was informed that the selection committee held its meeting for interviewing the 17 candidates initially cleared by the SBP on 9th November 2022. Out of 17 candidates, 16 candidates appeared for the interview with five in person and 11 through Zoom. The selection committee interviewed the candidates and assessed them on the basis of their professional knowledge and expertise, leadership qualities and communication skills and aptitude for the job and unanimously recommended three candidates – Adnan Alay Agha, Imran Sarwar and Javed Kureshi – for appointment against the position of the NBP president.

Accordingly, the Finance Division proposes that Adnan Aly Agha may be appointed as president/CEO NBP for a period of three years in subject to final fit and proper test clearance by the SBP. The Finance Division sought approval of the Cabinet.

Copyright Business Recorder, 2023