The federal government is likely to appoint Arif Usmani as President/ CEO of National Bank of Pakistan (NBP) for a period of three years, subject to proper test clearance by State Bank of Pakistan (SBP), sources close to Finance Minister told Business Recorder.
The Section 11(3) (a) of Banks (Nationalisation) Act, 1974 stipulates that the President NBP shall be appointed by the federal government in consultation with State Bank, for a term of three years, on such terms and conditions as may be fixed by the General Meeting of the Bank, provided that the Chairman and President shall be appointed from amongst professional bankers whose names are included in the panel of bankers qualified to be the Chairman or the President maintained by the SBP.
The post of President/ CEO NBP was advertised in the national press on September 30, 2018, in response, 98 applications received by the closing date were scrutinised by a committee comprising Arif Ahmed Khan, Federal Finance Secretary, Noor Ahmed, Special Secretary Finance, Dr Ahmed Mujtaba Memon, Additional Secretary Finance (HRM/CF), Kamran Ali Afzal, Additional Finance Secretary (External Finance ), and Capt Nasim Nawaz, Additional Secretary-II, Establishment Division, in its meeting held on October 22, 1018. After assessment of the CVs and credentials of all the candidates on the basis of their educational background and quality, relevance, diversity and eminence of their experience, the committee finalised the list for consideration of the Selection Committee.
A meeting of the Selection Committee, comprising Finance Minister Asad Umar, Dr Ishrat Hussain, Advisor to Prime Minister on Institutional Reforms and Austerity, Abdul Razak Dawood, Advisor to Prime Minister on Commerce, Textile, Industries and Production and Investment, and Noor Ahmed, Special Secretary Finance/ Acting Secretary, was convened on November 9, 2018 to conduct interviews of the following five candidates; (i) Atif Bajwa; (ii) Nadeem Lodhi; (iii) Wajahat Husain; (iv) Javed Kureishi and; (v) Arif Usmani. The State Bank of Pakistan has also been consulted in terms of Section (11(3)(a) of the Banks (Nationalisation) Act, 1974.
The Selection Committee interviewed the four candidates, both in person and through video link, while Atif Bajwa did not participate due to personal reasons and requested to remove his name from consideration. The committee assessed the candidates on the basis of their professional knowledge and expertise, leadership qualities and communication skills required for the position of President/ CEO NBP.
Arif Usmani obtained 70.50 marks out of 100 marks and was second in the top four candidates after Javed Kuresishi who obtained 74.50 marks whereas other two candidates got 65.75 marks and 58.75 marks. The committee unanimously recommended the following panel of three persons, in the order of merit for appointment against the post of President/ CEO, NBP under the Banks (Nationalisation) Act, 1974; (i) Javed Kureishi, Arif Usmani and Wajahat Husain.
The sources said, Javed Kureishi, however, informed that for personal reasons, he is compelled to withdraw his name from the process.
After careful review of available candidates, the Finance Division has proposed appointment of Arif Usmani as President/ CEO, NBP for a period of three years under Section 11(3)(a) of the Banks (Nationalisation) Act, 1974, subject to fit and proper test clearance by the State Bank of Pakistan.
Arif Usmani did his graduation (Hons ) in Theoretical Physics and is Associate of Royal College of Science, Imperial College of Science & Technology, University of London. He has 36 years of diverse banking experience in various countries including Pakistan with Citigroup, Samba Group Saudi Arabia and Abu Dhabi Islamic and Mashreq Bank UAE.
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