BOP Board approves one-year extension for President & CEO Zafar Masud

April 10, 2025 (MLN): The Board of Directors of The Bank of Punjab (PSX: BOP) approved the extension of Mr. Zafar Masud's employment contract as President & CEO of the bank in an emergent meeting held on April 10, 2025.

The extension will be for one year, effective from April 16, 2025, under the existing terms and conditions, following the issuance of a Notification by the Finance Department, Government of Punjab, on April 9, 2025, the notification issued to the local bourse.

Mr. Zafar Masud is a seasoned banker and entrepreneur, with a focus on Development Finance, and boasts a 27-year proven track record of success and delivery.

He has held top positions at multinational banks in Pakistan and abroad, including Regional Managing Director & CEO for Southern Africa at Barclays Bank plc.

In this role, he was responsible for three countries and represented on the Board of Directors, managing a total balance sheet size of $3 billion and approximately 10,000 employees.

Mr. Masud also worked at senior levels in Citibank, Dubai Islamic Bank, and American Express Bank. Prior to his current role, he served as Director General of National Savings at the Ministry of Finance until August 2018.

During his tenure, he initiated the digitization of the organization, including online banking and ATM cards, with the support of the Gates Foundation, DfID, and the World Bank.

He also successfully included persons with disabilities and families of martyrs in welfare products of National Savings and launched the Overseas Pakistanis Savings Certificates.

Most recently, he served as CEO (Interim) for InfraZamin Pakistan, a DfID, UK-driven initiative, which is a first-of-its-kind credit enhancement company for social infrastructure financing in Pakistan.

Mr. Masud has extensive experience working at the Board of Directors level for major public and private sector entities, including the State Bank of Pakistan, where he was a member of the Independent Monetary Policy Committee.

He has also served on the boards of Oil & Gas Development Company Limited, Port Qasim Authority, Quaid-e-Azam Thermal Power (Private) Limited, and Gadoon Textile Mills Limited.

He is also a member of the IMF-motivated Task Force on Framing SOE Law, set up by the Ministry of Finance.

Mr. Masud is a regular contributor to local media on topics related to finance, economics, and energy.

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