ISLAMABAD: The federal government has appointed former Governor State Bank of Pakistan Ashraf Mahmood Wathra as Chairman Board of Directors National Bank of Pakistan.
According to the Finance division notification, the government is pleased to appoint Arshaf Mahmood Wathra as Chairman, Nasim Ahmad and Ali Ayed as BoD members of NBP for a term of three years subject to clearance of Fit and Proper Test Criteria of SBP.
In addition to above, the Additional Finance Secretary (IF) Finance division shall be Ex-officio director on the board of NBP.
Sources said that the representation of Finance ministry officials in the NBP board ended in last government tenure however, the finance ministry high ups managed to appoint AS (IF) as ex-officio director for effective oversight of the government.
As per the details, the BoD of the NBP was dysfunctional since April 16, 2022 due to less than the minimum required five directors on the board.
Sources said that the Cabinet Division in March 2018 had issued directions to seek approval of the prime minister for appointments on Boards of Directors of public sector companies and organizations prior to its placement before the federal cabinet.
As per the Banks (Nationalization) Act, 1974, a bank would have a Board of Directors consisting of a president who shall be the chief executive and no less than five and not more than seven other members as well as a chairman of the board.
The law provides for the appointment of the chairman, the president and other members of the board of a bank by the federal government, in consultation with the SBP for a term of three years.
Sources said that the Finance ministry is yet to appoint a permanent President despite the fact that the Finance minister led team had conducted the interviews of shortlisted candidates on November 10, 2022.
Sources said that there is a difference of opinion between the coalition parties of PDM government over the appointment of President NBP due to which a decision has not been made.
On the other hand, few officials in the Finance ministry also want the acting president to continue his work and Rehmat ali Hasni himself is also lobbying for the President slot and for this he is meeting those close to Finance Minister Ishaq Dar.
It is pertinent to note that acting President NBP Rehmat Ali Hasni has been running the affairs of the bank since May 2022.
On the other hand, the slot of President Zarai Taraqiati Bank Limited has also been vacant for the last two months.
Finance ministry has given advertisement for this position but sources said that the finance ministry did not shortlisted candidates so far.
