BOK MD resigns over ‘differences with board members’

PESHAWAR: After serious differences with the board of directors, the Managing Director of Bank of Khyber, Ali Gul Faraz, has resigned from his post. He was appointed by the previous PTI government, and spent almost 26 months as MD.

Sources close to MD Gul Faraz, appointed in August, 2021 by the previous government, confirmed that he had resigned due to his personal reasons.

“He willingly sent his resignation due to his personal engagements,” a bank official confirmed. However, the bank sources told this correspondent that serious differences had emerged between the MD and board members. He was feeling uncomfortable with the board members.

“The MD reached the decision after a board meeting, where members raised serious reservations on his performance and bank profits,” he said.

The official said the private members has criticized his performance.

They cite unsatisfactory profits, appointment of retired employees from other banks to senior positions, and purported failure to implement recommendations from the State Bank of Pakistan and other inspection reports.