Muhammad Aurangzeb resigns from HBL as President & CEO

Muhammad Aurangzeb, President and CEO of Pakistan’s largest bank, HBL, has resigned from his position following an announcement that he would join the government.

This move, confirmed by HBL in a letter to the stock exchange, comes shortly after Aurangzeb was slated to take on a ministerial role.

The letter from HBL to the stock exchange stated, “Mr. Muhammad Aurangzeb, has tendered his resignation to the Board of Directors of Habib Bank Limited (“HBL”) and shall step down as President and Chief Executive Officer of HBL. The Board of Directors of HBL has accepted his resignation, subject to the approval of the State Bank of Pakistan.”

Nassir Salim, the current Chief Operating Officer of HBL, has been appointed as the new President and CEO of the bank, pending approval from regulatory authorities.

Sources close to the matter have revealed that Aurangzeb is expected to be appointed as the finance minister in the government. This move marks a departure from previous contenders for the position, including the seasoned four-time finance minister, Ishaq Dar, as Pakistan navigates its economic challenges.

Read also: Muhammad Aurangzeb Strong Contender for Pakistan’s Finance Minister

With the country’s current International Monetary Fund program set to expire next month, Prime Minister Sharif’s administration aims to negotiate a new, longer-term bailout to stabilize Pakistan’s economy amidst soaring inflation and pressing external financing needs.

The new cabinet, including Aurangzeb and Dar, was sworn in at a ceremony presided over by President Asif Ali Zardari, more than a month after the national election on February 8th.

Notably, a letter from Sharif to the president, seen by Reuters, outlined a list of 19 names for cabinet appointments, with Aurangzeb and Dar among them. However, there was only one woman proposed for a state or junior ministerial position.