MCB Bank Limited (PSX: MCB) has formally declared the designation of Muhammad Nauman Chughtai as its new President and Chief Executive Officer.
The existing President & Chief Executive Officer, Mr. Shoaib Mumtaz, is poised to complete his term on December 20, 2024. On Wednesday, the bank announced Mr. Chughtai’s appointment to the prominent stock exchange, which received endorsement from the board of directors during their gathering on December 11, 2024.
Before assuming his official position, Mr. Chughtai is required to gain approval from the State Bank of Pakistan (SBP) by successfully completing the Fit & Proper Test (FPT). Following the conclusion of the current president’s term on December 20, he will act as the interim president for a maximum duration of three months or until he obtains SBP’s approval, whichever occurs first.
The announcement conveyed gratitude from the Board for the significant contributions rendered by outgoing President & CEO, Shoaib Mumtaz, upon the conclusion of his term on December 20, 2024, and extended wishes for his future pursuits.
According to the MCB website, Mr. Nauman Chughtai currently holds the position of Group Head of Risk Management at the bank and acts as a director of MCB Bank Leasing Azerbaijan.
He possesses over 25 years of experience in risk management and corporate banking, with a track record that includes both domestic and international financial institutions.
Image Source: Muhammad Nauman Chughtai @ LinkedIn
