PESHAWAR: The Bank of Khyber’s (BoK) protracted search for a Managing Director (MD) continues, with the board initiating interviews for the position that has been vacant for nine months.
Sources familiar with the matter disclosed that ten candidates, including two former acting MDs, have been shortlisted. However, a recent development saw the removal of both former acting MDs from the contender list.
While the bank’s headquarters are in Peshawar, the interview process is unfolding in Karachi, incurring substantial costs for the chairman and board members. Four candidates have already been interviewed in the country’s financial hub, with the remaining four scheduled for Islamabad.
Allegations of influence-peddling have surfaced, with claims that a government-appointed board member, facing imminent removal, is exerting pressure to install a preferred candidate. This is the third attempt to fill the MD vacancy, with previous efforts thwarted by the Election Commission of Pakistan and the Khyber Pakhtunkhwa government.
Amidst the leadership crisis, the bank has shown a disregard for cost-cutting measures. Despite directives from the provincial government to close the Islamabad sub-head office to reduce expenses, the bank has failed to comply.
The MD position became vacant in November 2023 when Ali Gulfraz proceeded on leave, with CFO Irfan Saleem assuming the role of acting MD. However, Gulfraz subsequently resigned in December 2023. The bank has officially informed the Pakistan Stock Exchange of these developments.
