Aurangzeb quits as HBL CEO to become finance minister

KARACHI: Muhammad Aurangzeb, the chief executive officer (CEO) of Pakistan’s largest bank, was picked as the federal finance minister in the newly-sworn in cabinet of the country on Monday.

His resignation was announced with effect from Monday, March 11. “Aurangzeb is stepping down from HBL to assume the role of federal minister for finance for Pakistan,” the HBL said in a statement.

In a statement, Aurangzeb said, “As I embark on this new chapter, I carry with me the valuable lessons and experiences gained at HBL. I am excited about the opportunity to serve our country in this new capacity and contribute to the economic growth and development of Pakistan.”

Sultan Ali Allana, chairman HBL, on behalf of the Board of Directors of the bank, said: “Aurangzeb now embarks on a new chapter of service to the nation, underscoring a commitment to national responsibility.”

“I extend our deepest appreciation for his service to HBL and strongly encouraged his assuming the new role, in national service, as federal minister for finance,” he added. Also, the HBL announced that Muhammad Nassir Salim, who is currently the bank’s chief operating officer, would assume the role of CEO HBL, subject to State Bank of Pakistan’s approval. Nassir is a seasoned banker with 36 years of international and domestic banking experience. He has worked in the USA, Abu Dhabi, and Pakistan with organisations like American Express Bank, Citigroup, and Abu Dhabi Islamic Bank. He has been associated with HBL since 2017, the bank said.