Habib Bank is Likely To Change its Boss as President Zakir Mehmood Wants to Quit His Job After 12-Year Service

By M Yasir · Monday, Apr 16, 2012 14 Comments

Zakir Mehmood, President and CEO of Habib Bank Limited (HBL) is likely to quit his job on his own desire after serving the bank for 12 years as a top official, highly reliable sources in the banking industry told EconomyAge.

Habib Bank President Zakir Mehmood

He met board of directors recently and expressed his will to leave the bank as he is seeking relieve now having put in untiring endeavors to develop the organization as strong and successful, a source quoted EconomyAge on condition of anonymity.

HBL’s board of directors has acknowledged his request and looking for alternative President for the bank, however, they have yet to be decided whether Mr Mehmood will continue his job or he will be given green signal to leave bank with warm farewell.

There will be several strong candidates with rich experience and leadership quality to replace the incumbent HBL CEO in the future. Among them, the two favorite names are Nauman K Dar, Head of Corporate, Investment and International Banking and Sima Kamil, Head of Retail and Consumer Banking.

Afterwards, the announcement of board’s decision will be made public in the media and stock market, he added.

Zakir Mehmood was one of the finest bankers who has been leading the banking among the most profitable and expanding banks in the country.

Under his long-year term, he caused to gain several achievements including business expansion, banking services and products, human resource development, initiative of branch-less banking & global and regional records.

He had been retained as president and CEO after Habib Bank was privatized in 2004 as Aga Khan Fund for Economic Development (AKFED) acquired 51% of the shareholding in bank. (42.5% of the shareholding is retained by the Government of Pakistan (GOP), whilst 7.5% is owned by the general public).

It is merit mentioning here that bank’s majority share with management rights were sold out at Rs 22.4 billion ($ 389 million), which majority of the economists, policymakers and bankers argue the thrown away price. However the banks’ last year declared profit was Rs 22.33 billion.

After privatization, HBL has grown its branch network and become the largest private sector bank with over 1,450 branches across the country and a customer base exceeding five million relationships.

Mr Zakir Mehmood also served on boards of Khushhali bank, First Women Bank Limited, National Investment Trust Limited and Karachi Electric Supply Corporation.

With Additional input from Mr Ali Ahmad

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