Mr. Nauman K. Dar retires as President and CEO of Habib Bank Ltd.

Habib Bank Ltd. in a notification released to PSX has announced that, Mr. Nauman K. Dar has retired from his role of President and CEO of the bank.

Mr. Nauman K. Dar was appointed President and Chief Executive Officer of Habib Bank Limited in September 2012. Mr. Dar joined the Bank in March 2003 as Chief Executive Officer of Habib Allied International Bank plc, UK. Prior to being appointed as President he was Head of International Banking since January 2006 and Head of Corporate and Investment Banking since December 2010. 

The decision is set to take effect from December 31st, 2017.

The decision has come in the wake of penalty paid by the bank during its third quarter results. HBL was fined by the Ney York State Department of Financial Services after it accused the bank of more than 53 counts of misconduct in its New York branch office.

In pursuance of the penalty imposed by New York State Department of Financial Services, Habib Bank ltd. during the quarter under review paid a total of 23.71 billion rupees as part of the settlement between the two parties in September last month. The penalty payment brought down the profit by more than 94% to 1.4 billion Rupees during the period.

The bank also notified regarding appointment of Mr. Salim Raza as Director, HBL and Mr. Sagheer Mufti as Chief Operating Officer.