Following a Board of Directors' meeting, Crescent Commercial Bank Limited (CCBL) has announced the appointment of Sajjad Razvi as the new Chairman of the Board while also appointing Jamal Baquar as the Acting President and CEO.
Sajjad Razvi is the SAMBA Financial Group (SAMBA) nominee director on CCBL's Board and is presently working as the General Manager Corporate Banking, Samba Financial Group, Saudi Arabia.
Having spent over 28 years with Citibank, Sajjad has served as Citigroup Country Officer for Hungary & Central Europe, Executive Division Head Corporate & Investment Banking, Citigroup Country Officer for UAE & Iraq and Managing Director of Corporate & Investment Banking, and Citigroup Country Officer for South Korea and Managing Director of Corporate & Investment Banking where he was a key player in Citi's acquisition of KORAM. Sajjad was also the Citigroup Country Officer and Head of Corporate & Investment Bank for Pakistan.
Jamal Baquar, who has been appointed Acting President and CEO of the Bank, brings with him over 18 years of international experience and has been associated with CCBL since 2006. Until this appointment Jamal held the designation of SEVP, Head of Investment Banking & Global Markets and played a pivotal role in CCBL's turnaround and in attracting SAMBA as a long-term strategic investor. Prior to relocating to Pakistan, Jamal Baquar was a senior investment banker with J.P. Morgan where he spent several years in New York and London. Jamal holds an MBA (Hons) in Finance from Columbia Business School, New York.
In addition, the CCBL Board has been further strengthened by the appointment of Javed Iqbal and Farhat Abbas Mirza as non-executive directors of the Board. Javed Iqbal is the Chief Executive of THK associates, an ex-KPMG company and has also served as MD for Philips Pakistan. Farhat Mirza is the Chairman of Clariant Pakistan, a specialty chemical company that has grown out of Sandoz Chemicals Division.
Commenting on CCBL's reconstituted Board, Sajjad Razvi said, "It is a privilege to be part of CCBL's high-powered Board of Directors that possesses immense business experience and strong knowledge of the global banking industry. As a SAMBA nominee on the Board, I would like to highlight that our strategy and commitment to CCBL remains clear and unwavering. Together we hope to continue the momentum of Bank's integration and investment plans for a smooth and progressive transition as per our originally articulated plans."
Welcoming the new board members and Chairman, Acting President and CEO Jamal Baquar said, "With the wealth of experience that CCBL Board has, as well as the immense franchise support provided by SAMBA, we remain on track with the ongoing roll-out of our strategy. We are confident of CCBL's positive outlook and its re-branding strategy and sincerely thank SAMBA whose long-term commitment and dedication are a source of great confidence for the entire team."
SAMBA is a premier financial group of Saudi Arabia with a market capitalisation of approximately US $25 billion and shareholder's equity of approximately US $4.0 billion. It enjoys one of the highest credit ratings by S&P, Fitch and by Capital Intelligence. The banking group offers varied banking services with a commitment to providing financial solutions of the highest quality encompassing service and financial advice and delivering superior returns to its investors. As a result of Pakistan's improving economic fundamentals and investment climate, SAMBA invested Rs 6 billion in CCBL in March 2007 and subsequently owns a 68% controlling majority.