Bank of Khyber shortlists three candidates for MD position

PESHAWAR: Three potential candidates have been shortlisted for the vacant position of managing director (MD) at the Bank of Khyber (BOK).

The top slot of the BOK has been vacant since November 2023 when the former managing director Ali Gulfraz was ousted by the government after a months-long tussle with board members. 

The process of the search for a suitable MD encountered delays due to restrictions imposed by the Election Commission of Pakistan (ECP). 

Despite the governmental restrictions on appointments across various sectors, Chief Minister Ali Amin Gandapur has spearheaded the selection process for the new MD, bypassing constraints imposed by the Khyber Pakhtunkhwa Public Service Commission (KPPSC). 

On March 2, 2024, a directive from the Chief Minister’s office instructed the chief secretary of the province to impose limitations on appointments, except those sanctioned by the Public Service Commission.

Sources within BoK indicated that while the chairman of the bank’s board and the additional chief secretary are currently unavailable, private board members are actively engaged in the selection process for the new MD. 

Furthermore, advertisements for four other senior positions, including Chief Risk Officer, Group Head of Operations and Support, Chief Compliance Officer, and Islamic Group Head, have also been released.

Efforts are underway to attract preferred candidates for these senior roles, with private board members taking the lead. However, there are concerns that experienced internal candidates might be overlooked in favor of external applicants.

Advisor to Chief Minister on Finance Muzzammil Aslam clarified that appointment restrictions primarily apply to public and civil servants while the BoK is a corporate entity with shareholders from the private sector and the KP government’s involvement in the hiring process is limited.

Aslam emphasised that the provincial government no longer oversees the bank’s hiring process, as the authority lies with its 10-member board of directors, which includes the finance secretary of the province.

He said a subcommittee of the board of directors is currently tasked with shortlisting candidates and conducting interviews. 

Aslam further added that this hiring process is independent, with neither the finance minister nor the chief minister playing a role. The restrictions on appointments do not impact the appointment of the BoK MD.