LAHORE: The Bank of Punjab (BoP) President/CEO Naeemuddin Khan has officially announced to resign from his post on November 8th, 2018 with a notice period of one month.
This marks the end of Mr Khan’s tenure of more than a decade at the helm of affairs at BoP and in a notification sent to the Pakistan Stock Exchange (PSX) on Monday, the bank announced the news of his resignation.
In addition, the letter of comfort for Rs32 billion issued by the Punjab government to the State Bank of Pakistan has also been satisfied and returned to the government, said the notification.
Mr Khan appointment as President in October 2008 came at a critical juncture for a bank, as BoP majority-owned by the Punjab government mulled various options including merging or privatizing the bank.
However, the appointment of Mr Khan brought reinvigoration into an institution in dire financial straits, with a crumbling network and outdated branches and no focus on customer service and experience.
In the ensuing decade since his appointment, the bank overturned the threat of bankruptcy and converted into an institution which is not only stable but growing and has also regained public confidence.
Mr Khan oversaw the transition of BoP battered by disrepute and dwindling deposit base due to allegations of financial misappropriation in 2007-08 because of imprudent lending and mismanagement of money which included doling out loans to lenders with dubious credentials in the absence of adequate documentation and insufficient collateral.
BoP in 2018 is a much sounder and stable bank compared to when Mr Khan took over as CEO a decade ago, with a network of 480 conventional branches and 69 Islamic branches.
With over four decades of experience in the banking sector, Mr Khan began his career at Grindlays in 1978 and served as branch manager in Islamabad, Rawalpindi and Lahore.
In 1991, he joined Emirates International Bank as Chief Manager, Lahore and 1998, saw him joining United Bank Limited as Senior Executive Vice President /Head, Special Assets Management Division.
And in 2001, he served at Corporate & Industrial Restructuring Corporation (CIRC) as the member of banking.
Mr Khan developed the functional layout of CIRC and successfully handled all its operations and assisted in achieving the targets of successful privatization of UBL and HBL as well as mergers.
In 2004, he was awarded the Muzaffar Memorial Gold Medal by SBP Governor in recognition of meritorious services to the banking industry in Pakistan.
He is an alumnus of Forman Christian College and Pace University, New York, USA.