MCB Bank Appoints Nauman Chughtai as President and Chief Executive Officer

MCB Bank Limited (PSX: MCB) has announced the appointment of Muhammad Nauman Chughtai as President and Chief Executive Officer.

On December 20, 2024, Mr. Shoaib Mumtaz’s current term as President & Chief Executive Officer of MCB Bank Limited (the “Bank”) will come to an end. In a notice to the major bourse on Wednesday, the bank announced that Muhammad Nauman Chughtai had been appointed president and chief executive officer. The appointment had been accepted by the board of directors in its meeting on December 11, 2024.

The State Bank of Pakistan (SBP) must approve his Fit & Proper Test (FPT) before he may be appointed. After the present president’s tenure ends (on December 20, 2024), Muhammad Nauman Chughtai will also serve as acting president for up to three months, or until SBP gives the president the go-ahead, whichever comes first.

The filing added, “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 MCB website states that Mr. Nauman Chughtai is the current Group Head of Risk Management of the bank. In addition to his role at MCB Bank Limited, he is a director at MCB Bank Leasing Azerbaijan.

In risk management and corporate banking, he has worked for both domestic and international banks for more than 25 years.