Irfan Saleem Awan to lead Bank of Khyber as Acting MD

The Bank of Khyber (BOK) has announced the appointment of Mr Irfan Saleem Awan as the Acting Managing Director. 

In a formal communication through a notice to the Pakistan Stock Exchange (PSX), the BOK’s Company Secretary, Sara Shah, confirmed the appointment on Wednesday. 

The decision follows clearance from the State Bank of Pakistan (SBP). 

Mr. Awan, who currently holds the position of Senior Executive Vice President and Chief Financial Officer, will assume the additional responsibilities of Acting Managing Director.

Mr. Awan is a fellow member of the Institute of Chartered Accountants of Pakistan and a Certified Director of the Pakistan Institute of Corporate Governance. Awan holds an Advanced Certificate in AAOIFI Shariah Standards from IBA-CEIF, Karachi.

His career began with CA training at Ernst and Young, Pakistan, followed by roles in several financial institutions, including Prime Commercial Bank Limited, Askari Commercial Bank Limited, and Summit Bank Limited, where he served as CFO and Head of Risk Management. He joined the Bank of Khyber as CFO and EVP in February 2021 and was promoted to SEVP in 2023.

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. 

Read This: What in the world is happening at the Bank of Khyber?

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 spearheaded the selection process for the new MD, bypassing constraints imposed by the Khyber Pakhtunkhwa Public Service Commission (KPPSC). 

In March, Profit reported that three potential candidates were shortlisted for the vacant position of managing director at the Bank of Khyber.

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

It is important to note here that the Bank of Khyber like other provincial banks is majority owned by the KP government which holds the majority shares at 70.2% while Ismail Industries Limited holds 24.4%. BoK is one of the three Provincial Public Sector Commercial Banks in the country.