MCB Bank Limited (PSX: MCB) has officially announced the appointment of Muhammad Nauman Chughtai as its new President and Chief Executive Officer.
The current President & Chief Executive Officer, Mr. Shoaib Mumtaz, is set to conclude his term on December 20, 2024. On Wednesday, the bank disclosed Mr. Chughtai’s appointment to the major stock exchange, which was sanctioned by the board of directors during their meeting on December 11, 2024.
Prior to his official role, Mr. Chughtai must obtain approval from the State Bank of Pakistan (SBP) by successfully passing the Fit & Proper Test (FPT). After the current president’s term ends on December 20, he will also serve as acting president for a maximum period of three months or until he secures SBP’s approval, whichever comes first.
The announcement expressed appreciation from the Board for the substantial contributions made by outgoing President & CEO, Shoaib Mumtaz, at the end of his term on December 20, 2024, and wished him well in his future endeavors.
According to the MCB website, Mr. Nauman Chughtai is presently the Group Head of Risk Management at the bank and serves as a director of MCB Bank Leasing Azerbaijan.
He brings over 25 years of expertise in risk management and corporate banking, with experience spanning both domestic and international financial institutions.
Image Source: Muhammad Nauman Chughtai @ LinkedIn
