Muhammad Nauman
Chughtai appointed as CEO and President of MCB Bank
MCB Bank Limited has appointed
Muhammad Nauman Chughtai as its new President and Chief Executive Officer (CEO),
effective after Shoaib Mumtaz’s term concludes on December 20, 2024, according
to a stock filing on Wednesday.
The notice issued by MCB to the
Pakistan Stock Exchange (PSX) stated, "The existing term of Mr. Shoaib
Mumtaz as President & CEO of MCB Bank Limited is expiring on December 20,
2024. The Board of Directors, in its meeting held on December 11, 2024,
approved the appointment of Mr. Muhammad Nauman Chughtai as President & CEO
of the Bank."
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Chughtai’s appointment is contingent
upon his clearance from the State Bank of Pakistan's (SBP) Fit and Proper Test
(FPT).
Following the expiration of Mumtaz's
term, Chughtai will assume the role of acting president until the completion of
the FPT process or for a maximum of three months, whichever comes first.
The Board also expressed its
appreciation for Shoaib Mumtaz’s contributions to the bank and wished him
success in his future endeavors.
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Currently serving as Group Head of
Risk Management at MCB, Nauman Chughtai brings over 25 years of experience in
risk management and corporate banking across local and international banks. He
also holds a position on the board of MCB Bank Leasing Azerbaijan, a subsidiary
of MCB Bank Limited.
Source: Profit Pakistan