The board of directors of Habib Bank Limited has confirmed re-appointment of Mr. Nauman K Dar as President and CEO of HBL. Necessary approvals from State Bank of Pakistan have been received while Dar is rehired at colossal annual package of Rs 66 million (Rs 5.5 million per month) including multiple allowances.
The banking company notification stated that central bank approved a 3 years contract for Mr. Dar, which would be his second term for the post, on the recommendation of board of directors which also rewarded him a furnished home, its maintenance, utilities allowances, medical expenses, insurance coverage and provident fund.
He is also provided with company maintained luxury car as per approval of the board and membership of different clubs.
Dar replaced Zakir Mahmood in 2012 as CEO and President of HBL who was a long-serving chief of bank for almost 12 years.
Dar drew a salary package of Rs 36.84 million in his first year as chief executive in 2013 which was increased by 44 percent in 2014 to Rs 53.178 million in 2014 as per information available on website.
In the last three years, Nouman Dar took successful initiatives to grow profits and business of the bank including introduction of HBL Express, a branchless banking, HBL online banking, Islamic Banking, acquisition of Barclays Bank and Citibank consumer banking division etc,.
HBL witnessed major transition last year as the government sold out its 41.5 percent share in the bank to get $1.02 billion.
The bank’s profit reached to Rs. 48 billion till third quarter of 2015 with balance sheet worth of more than Rs 2 trillion.
The only bad patch of his job as a top banker was the incident of last month in which HBL’s New York branch was found not complying with instructions to stop money-laundering by USA authorities which asked bank’s management to boost up action to stop financial irregularities.
Dar, President & CEO of Habib Bank Limited, is a banker with over 32 years of banking experience. He also serves as Chairman of Habib Finance International Limited, Hong Kong and Chairman of Habib sons Bank Limited, UK. He is also Director of Habib Allied International Bank Plc, UK.