The chairman and board members of Faysal Bank Limited (FBL) are pleased to announce the appointment of Yousaf Hussain as Acting Chief Executive of the bank with immediate effect.
In a statement issued today, Chairman of the FBL Board of Directors Farooq Rahmatullah Khan stated, “The board has also inducted three independent directors namely Fuad Azim Hashmi, Mian Mohammad Younus and Ali Munir. The newly constituted board now comprises of one-third independent directors with a rich blend of diverse local and international management and financial expertise. We are confident that Faysal Bank will embark on the next phase of its ambitious journey under the guidance of these esteemed members of the board.”
Rahmatullah also felicitated Yousaf Hussain on assuming the office as the Acting Chief Executive of the Bank and stated, “The board is pleased to appoint Yousaf Hussain as the Acting Chief Executive and reposed full confidence in him to lead the organisation and meet the envisaged growth objectives under the strategic vision of the new board.” “Hussain is an experienced professional banker with over 22 years of multifaceted local and international experience with leading institutions including ABN AMRO in last 8 years at FBL,” he added.
He further stated, “The efforts of FBL’s management, together with strategic guidance from the well-experienced board of directors, have translated into a remarkable improvement in the bank’s performance, especially over the last three years. FBL’s profits have increased more than three-fold; from a pre-tax profit of Rs. 2.16 billion in FY 2013 to Rs. 6.66 billion in FY 2016, along with significant growth in balance sheet footing and loan book.” “Share performance, as reflected in the market price and price to book, has shown phenomenal growth during this period, thereby creating significant value addition to the shareholders” he added.
Rahmatullah also reiterated the board’s commitment to transform the bank into an Islamic banking institution. He said that the bank has already embarked upon a well-designed and prudent Business Transformation Plan to achieve this objective.
He further stated, “Ithmaar Group Bahrain (FBL’s majority shareholder) and the board of directors of FBL consider Pakistan as a key market. FBL intends to continue with its contribution towards a sustainable development of the economy, through quality banking services and increased focus on all key business segments including infrastructure development.”
