KARACHI: The Pakistan Banks Association (PBA) has announced the election of Zafar Masud, President and CEO of The Bank of Punjab (BOP), as its new Chairman.
This decision comes following the appointment of Muhammad Aurangzeb, the former Chairman of the PBA, as the Federal Minister of Finance and Revenue for Pakistan earlier this month.
The transition in leadership was formalized during a meeting of the PBA Executive Committee (EC), where Zafar Masud, who previously served as the Senior Vice Chairman of the PBA, was unanimously elected as the new Chairman of the Association.
Furthermore, Yousaf Hussain, President & CEO of Faysal Bank, has been elected as the Senior Vice Chairman, while Ahmed Khan Bozai, Managing Director & Citi Country Officer of Citibank N.A., Pakistan, has been appointed as the new Vice Chairman of the Association.
The PBA has expressed confidence in the new leadership, emphasizing its commitment to effectively representing the banking sector and maintaining strong relationships with key stakeholders, including the State Bank of Pakistan. Under the guidance of the new Chairman and Executive Committee, the PBA aims to enhance the technological and digital infrastructure of banks, uphold the highest standards of compliance, and promote financial inclusion.
Moreover, the Association plans to collaborate with banks to support the growth of Small and Medium Enterprises (SMEs), middle markets, and the financing of crucial infrastructure and industrial projects essential for the country’s development.
In acknowledging the contributions of Muhammad Aurangzeb during his tenure as Chairman of the PBA, the Association expressed gratitude for his significant efforts. It is optimistic about the future under the leadership of Zafar Masud and the newly appointed Executive Committee, believing that they will guide the organization towards further achievements and notable milestones.
The election of Zafar Masud as Chairman of the Pakistan Banks Association marks a new chapter for the banking sector in Pakistan. With a focus on innovation, compliance, and inclusive growth, the PBA is poised to play a pivotal role in shaping the financial landscape of the country in the years to come.
