United Bank Limited (PSX: UBL) has appointed Muhammad Jawaid Iqbal as President & CEO of UBL for a term of 03 years, the bank’s filing on Pakistan Stock Exchange (PSX) stated today.
This appointment is subject to the approval of the State Bank of Pakistan (SBP) and compliance with all rules of the regulator.
Shazad G. Dada, the former CEO of the bank, has stepped down from the office of President & CEO of UBL for personal reasons upon completion of his 3-year term.
Muhammad Jawaid Iqbal is a member of the Board of Directors of United Bank Limited since December 14, 2022. He is the Chairman of the Board Risk & Compliance Committee (BRCC) and a member of the Board Human Resource & Compensation Committee (HRCC).
He is the founder of Providus Capital (Private) Limited—an investment firm established in 2017. Providus Capital primarily invests in the public equity markets of Pakistan. Iqbal has over two decades of banking experience and has worked with Emirates Bank International PJSC Pakistan, National Bank of Pakistan, and Allied Bank Limited at senior managerial positions.
Iqbal did his Master’s in Business Administration from Bahauddin Zakariya University, Pakistan; Chartered Financial Analyst (CFA) from CFA Institute, USA; and Advanced Management Program from Harvard Business School, USA.
Shazad G. Dada, the former CEO of the bank, is considered among the most highly-paid bankers in Pakistan. In 2022, he stood at the third position with a salary package of Rs. 269 million. In 2021, he earned the highest income from the banking industry, which was Rs. 340 million.
Under his management, the bank’s profit surged to an all-time high level of Rs. 32 billion with year-on-year growth of 4 percent. The bank also made remarkable progress on the technological front.
The Board of Directors appreciated Shazad G. Dada for his invaluable contributions, leading the Bank towards achieving excellent growth and financial results.
“During his tenure, UBL surpassed many milestones and won prestigious industry awards. He has been a driving force behind many of the initiatives and projects that have brought the Bank to where it is today,” stated the filing.