KARACHI: Muhammad Nauman Chughtai has been appointed as the new President & CEO of MCB Bank Limited. He will assume the role following the conclusion of the term of Shoaib Mumtaz, the current President and CEO, whose tenure is set to expire on December 20, 2024.

According to a notice sent to Pakistan Stock Exchange (PSX) The Board of Directors of MCB Bank Limited in its meeting held on December 11, 2024 has approved the appointment of Muhammad Nauman Chughtai as President and CEO of the bank subject to clearance of his Fit & Proper Test (FPT) by the State Bank of Pakistan (SBP).

Upon expiry of the term of the current president i.e. December 20, 2024, Nauman Chughtai will assume the charge as Acting President for a maximum period of three months or clearance of FPT by the SBP, whichever is earlier.

MCB Bank board has also appreciated the services and valuable contribution of the outgoing President Shoaib Mumtaz on completion of his term.

Muhammad Nauman Chughtai has over 25 years of professional banking experience in local and foreign banks in risk management and corporate banking.

His responsibilities as Group Head Risk Management encompass the Bank’s Credit Review, Credit Risk Control, Credit Policy, Market Risk, Operational Risk & Information Security Risk functions for all business areas of the Bank, including Overseas operations. He also serves on the Board of MCB Bank Leasing Azerbaijan (a subsidiary of MCB Bank Limited).

Copyright Business Recorder, 2024