Nauman Chughtai Appointed President and CEO MCB Bank

MCB Bank Limited (PSX: MCB) has appointed Muhammad Nauman Chughtai as President & CEO of the Bank. “The existing term of Mr. Shoaib Mumtaz as President & Chief Executive Officer of MCB Bank Limited (the “Bank”) is expiring on December 20, 2024. The Board of Directors in its Meeting held on December 11, 2024 has approved the appointment of Muhammad Nauman Chughtai as President & CEO of the Bank,” the bank said in a notice to the main bourse on Wednesday. The appointment is subject to clearance of his Fit & Proper Test (FPT) by the State Bank of Pakistan (SBP). Upon the expiry of the term of the current President, i.e., December 20, 2024, Muhammad Nauman Chughtai shall also assume the charge as Acting President for a maximum period of three months or clearance of FPT by SBP, whichever is earlier. “The Board has also placed on record its appreciation for the valuable contribution and the services rendered by the outgoing President & CEO, Shoaib Mumtaz, on completion of his term on December 20, 2024 and wished him luck for his future endeavors,” the filing added.