PBA elects Zafar Masud as chairman

KARACHI: Zafar Masud, president and CEO – The Bank of Punjab (BOP), has been elected as the chairman of Pakistan Banks’ Association (PBA), the association said on Tuesday.

"This change is subsequent to Muhammad Aurangzeb, the sitting PBA chairman, assuming the role of minister of Finance and Revenue for Pakistan earlier this month," it said in a statement. "To effect this change, the PBA executive committee (EC) met and unanimously elected... sitting senior vice chairman, Zafar Masud as chairman of the association."

The statement said PBA’s sitting vice chairman, Yousaf Hussain (President & CEO – Faysal Bank), has been elected as senior vice chairman and member of the executive committee, Ahmed Khan Bozai, (Managing Director & Citi Country Officer – Citibank N.A., Pakistan) as the new vice chairman of the association.

"The association firmly believes that, under the new leadership, it will continue to effectively represent the banking sector through further nurturing close relationships with all the key stakeholders, including the State Bank of Pakistan," it added. "It will increase its focus on aligning banks to further build up the technology & digital framework, maintain the highest compliance standards, and play a strong role in increasing financial inclusion."

Additionally, it will coordinate with banks to facilitate the growth of small and medium enterprises (SMEs), middle markets, and financing of large infrastructure & industrial projects deemed critical for the country.

PBA expresses its gratitude to Minister Aurangzeb for his significant contributions during his tenure as chairman PBA and is confident that its new chairman, Masud, and the executive committee, will continue to guide the organization towards greater achievements and significant milestones.