In a recent notice to the bourse, Habib Bank Limited announced that Mr. Rayomond Kotwal has assumed charge as the Acting/Interim CEO of Habib Bank Limited with effect from December 1, 2017.
Mr. Rayomond Kotwal is the Chief Financial Officer of the bank who will now serve as the acting/interim CEO.
Rayomond Kotwal has over 30 years of experience, he has worked in senior Finance roles with United Bank Limited, NIB Bank Limited, Citibank NA, Citi Cards Canada Inc. and ICI Pakistan Limited.
He holds a Masters in Business Administration (Finance) from the Institute of Business Administration, Karachi and a BS and MS in Electrical Engineering from the Massachusetts Institute of Technology, Cambridge Massachusetts.
In addition, Mr. Kotwal is a Director of Habib Allied Holdings Limited, UK, Sindh, Engro Coal Mining Company and Engro Powergen Thar (Pvt) Limited. Kotwal is also the Chairman of The First Microfinance Bank Limited. He also serves as a Director and Honorary Treasurer of the Pakistan Parkinson’s Society, a non-profit organization.
Back in October, Habib Bank Ltd (HBL) announced that the President and CEO Nauman K. Dar will retire on Dec 31st.
The bank did not specify any reason for Mr Dar’s exit. His term at the helm of the country’s largest bank was marred by a penalty of $225 million that the New York State Department of Financial Services (DFS) recently imposed on HBL for its non-compliance with risk management and anti-money laundering rules.