HBL hires JP Morgan banker as new chief

KARACHI: Habib Bank Limited (HBL) on Thursday said it has nominated Muhammad Aurangzeb, a top JP Morgan banker as new head of the bank to oversee its operations.

“The board has approved the appointment of Muhammad Aurangzeb as president and chief executive officer (CEO) of the bank,” the HBL said in a statement. “The appointment is subject to the approval of “Fit and Proper Test” (FPT) by the State Bank of Pakistan.”

The bank further said that it has submitted the requisite application with the central bank.

Aurangzeb is a respected and seasoned banker with more than 30 years of diverse experience with leading global banks in Pakistan and overseas. Currently, he is serving as the CEO Global Corporate Bank, Asia Pacific at JP Morgan.

He kicked off his career with Citibank, first in Pakistan and later in New York, USA. Later, he joined ABN AMRO Bank in a senior leadership role, rising to the position of country manager in Pakistan. He is a graduate of the Wharton School, University of Pennsylvania from where he received a Bachelor’s degree in Science and Economics as well as an MBA.

The HBL is Pakistan’s biggest lender with net assets of nearly Rs175bn at the end of September 2017.

The bank’s higher echelons have seen a major shakeup after it announced its former president and CEO Nauman Karamat Dar’s near six-year-long tenure was coming to an end on December 31, 2017.