HBL (Habib Bank Limited), the leading financial institution of Pakistan, announces the resignation of its President & Chief Executive Officer, Muhammad Aurangzeb effective Monday, 11 March 2024.
The Board of Directors of HBL has accepted his resignation, subject to the approval of the State Bank of Pakistan, the bank told the main bourse on Monday.
Aurangzeb is stepping down from HBL to assume the role of Federal Minister for Finance for Pakistan.
“Subsequently, the Board of Directors of HBL has appointed Mr. Muhammad Nassir Salim as the new President & Chief Executive Officer of HBL, subject to the approval of the State Bank of Pakistan,” the filing added.
Nassir Salim is currently serving as the Chief Operating Officer (COO) of HBL.
Nassir has overall 35 years of diversified experience in the banking industry both locally and internationally. He has been part of HBL since 2017 and was working as Head of Branch Banking and Islamic Banking since 2021.
Previously, he was Head of Global Operations for 3 years. He is also Chairman of the Board for HBL Currency Exchange.
Before joining HBL, he worked in numerous financial institutions across the globe including as Head of Retail Operations for Abu Dhabi Islamic Bank (UAE) and Site President & Director for Treasury and Trade solutions for Citi Bank (USA). He was also Chairman of the Board for NIFT.
He holds an MBA in Finance from the Institute of Business Administration (IBA) along with a fellowship from the Institute of Bankers Pakistan (FIBP).
Sultan Ali Allana, Chairman – HBL, on behalf of the Board of Directors of the Bank said
“Aurangzeb now embarks on a new chapter of service to the nation, underscoring a commitment to national responsibility. This is a value that he shares with HBL. I extend our deepest appreciation for Aurangzeb’s service to HBL and strongly encouraged his assuming the new role, in national service, as Federal Minister for Finance. I am confident that he will contribute to the economic and financial development of Pakistan. We have full confidence in Nassir Salim to accelerate the momentum in the Bank’s business trajectory.”
Commenting on the move, Aurangzeb said,
“I am profoundly grateful for the trust and confidence that Chairman – HBL, Sultan Ali Allana has placed in me, throughout my tenure as President & Chief Executive Officer of HBL. Indeed, it has been an incredible journey, and I am proud of the achievements and milestones that we have reached during this time. None of this would have been possible without the dedicated and hard work of the entire team of HBL, including the Executive Committee and I am truly grateful for their unwavering support. As I embark on this new chapter, I carry with me the valuable lessons and experiences gained at HBL. I am excited about the opportunity to serve our country in this new capacity and contribute to the economic growth and development of Pakistan.”
On his appointment as President & Chief Executive Officer of HBL, Nassir Salim said,
“It is a privilege to lead an institution as esteemed as HBL. Looking ahead, I am fully committed to operationalizing HBL’s multi-year strategy. This rests on providing exceptional products and services to our extensive client base, both in Pakistan and our international markets. We will achieve this by leveraging cutting-edge technology and fostering a culture of innovation. The dedicated HBL staff, along with the Executive Leadership Team, are fundamental to what makes HBL a trusted partner to its clients. They will be my partners in the Bank’s pursuit of excellence. I would also like to extend my heartfelt gratitude to the Chairman – HBL, Sultan Ali Allana for entrusting me with the responsibility to lead HBL.”
Aurangzeb’s 6-year tenure is marked by the Bank’s exceptional business growth, innovation, and steadfast commitment to serving its clients and communities.
Under Aurangzeb’s leadership, the Bank has remained focused on delivering on three strategic pillars, which underpin its medium-term strategy namely
- Growing Pakistan’s Economy
- Shaping the Financial Industry
- Achieving Regional Relevance.
These in turn are being implemented through unrelenting pursuit of Financial Inclusion, Capacity Building, and Sustainability objectives.
