MCB Bank, one of Pakistan’s largest and most prestigious commercial banks, has announced the appointment of Muhammad Nauman Chughtai as its new President and Chief Executive Officer (CEO). This significant development was made public through a notice to the Pakistan Stock Exchange (PSX) on Wednesday, December 11, 2024.
The New CEO: Muhammad Nauman Chughtai
Muhammad Nauman Chughtai, the newly appointed President and CEO, brings with him a wealth of experience and expertise in the banking sector. Currently serving as Group Head of Risk Management Group at MCB, Chughtai has an impressive track record of over 25 years in professional banking, with a strong background in risk management and corporate banking.
Hopes for Change
We hope the new President & CEO can bring a change in the outdated mindset of the staff within the branch network, where many still perceive MCB as a government bank.
The Appointment Process
The appointment of Chughtai as President and CEO is subject to the clearance of his Fit & Proper Test (FPT) by the State Bank of Pakistan (SBP). This is a standard regulatory requirement for all CEOs of commercial banks in Pakistan.
Assuming Charge as Acting President
Upon the expiry of the term of the current President, Shoaib Mumtaz, on December 20, 2024, Chughtai will assume charge as ‘Acting President’ for a maximum period of three months or clearance of FPT by SBP, whichever is earlier.
A New Era Begins
The appointment of Muhammad Nauman Chughtai as President and CEO marks the beginning of a new era for MCB Bank. With his vast experience and expertise, Chughtai is expected to lead the bank towards greater heights, while maintaining its commitment to excellence, innovation, and customer satisfaction.
Tribute to the Outgoing President
The Board of Directors of MCB Bank has expressed its deep appreciation for the valuable contributions and services rendered by the outgoing President & CEO, Shoaib Mumtaz, and wishes him success in his future endeavors.
MediaBites congratulates Nauman Chagtai on his new assignment and extends best wishes for all his future tasks.
