MCB Bank Limited has announced the appointment of Muhammad Nauman Chughtai as its new President and Chief Executive Officer, following the completion of Shoaib Mumtaz’s term on December 20, 2024, according to a stock filing on Wednesday.
“This is to inform you that the existing term of Mr. Shoaib Mumtaz as President & Chief Executive Officer of MCB Bank Limited is expiring on December 20, 2024. The Board of Directors in its meeting held on December 11, 2024, has approved the appointment of Mr. Muhammad Nauman Chughtai as President & CEO of the Bank,” read a notice sent by MCB to the Pakistan Stock Exchange (PSX).
The decision was made during the bank’s Board of Directors meeting on December 11, 2024.
Chughtai’s appointment as President & CEO is subject to clearance of his Fit and Proper Test (FPT) by the State Bank of Pakistan (SBP).
Upon the expiry of the term of the current president on December 20, 2024, Mr Nauman Chughtai shall also assume the charge as acting president for a maximum period of three months or clearance of FPT by SBP, whichever is earlier, the banks said.
The Board expressed its gratitude to Shoaib Mumtaz for his contributions and extended best wishes for his future endeavors.
According to the MCB website, Mr. Nauman Chughtai is currently serving as Group Head of Risk Management at MCB. He also serves on the board of MCB Bank Leasing Azerbaijan, a subsidiary of MCB Bank Limited.
He has over 25 years of professional banking experience in local and foreign banks in risk management and corporate banking.
