The board of directors at Bank of Punjab has appointed Ijaz ur Rahman Quershi as the new acting CEO and President.
The acting CEO was promoted temporarily to lead the bank as he had been serving the bank already in the capacity of SEVP Group Head Operations. He is a professional banker with diversified experience of nearly 23 years at different capacities in various organizations such as MCB Bank, First Punjab Modaraba and etc.
According to the stock filing, the new acting CEO will look after day to day affairs of the bank till the appointment of permanent CEO and President. He will replace Khalid Siddiq Tirmizey on the same position.
The provincial-owned bank has been facing a challenge to engage a CEO and President on a permanent basis for more than one year.
The bank first appointed Talib Rizvi as the President and CEO of the bank early in 2019 but the banking regulatory raised red flags on the basis of the criteria of fit and proper of the banking industry.
The bank’s operations were slated to be carried out by the acting CEO.
In 2020, the bank appointed a well-known name in the banking sector, Atif Bajwa, as its President and CEO but before getting approval of the regulatory authority the CEO-in-waiting was appointed by Bank Alfalah.
Despite the leadership challenges, the bank continued its operations in profitability. It recorded 9 percent year-on-year growth in its profit of 2019 which stood at Rs. 8.24 billion.