Muhammad Aurangzeb, President and CEO Habib Bank Limited, has been elected as the Chairman of Pakistan Banks’ Association (PBA).
He replaced Aftab Manzoor, President and CEO Soneri Bank, as the chairman of the association.
According to the reports, PBA elections were held in Karachi on Monday.
The new chief, Muhammad Aurangzeb, has rich experience in the banking industry spanning nearly three decades. He made his comeback in Pakistan last year having previously worked for different renowned institutions in various markets outside of Pakistan.
The former employee of JP Morgan joined HBL which witnessed tough circumstances due to a heavy penalty imposed by US authorities. It is quite challenging for the new chief to execute a body actively in a different way while recovering the position of his bank at the same time.
The Pakistan Banks’ Association (PBA) represents the financial institutions regulated by the State Bank of Pakistan and its main objective is to coordinate the efforts of the banking industry and to share a common vision of progress and development with its members.
The association has been involved in the policymaking for banking industry especially for launching various schemes for specialized segments of the society, however, its role is considered as limited being an elite club of seasoned bankers associated with big banks of the country.
In recent years, Aftab Manzoor, Imran Maqbool of MCB Bank, and Shahzad Dada of Standard Chartered Bank have held this position.