The Board of Directors of the Bank of Punjab has appointed Ijaz ur Rahman Quershi. As the new incumbent CEO and President.
The incumbent CEO was temporarily promoted to head of the bank because he was already head of SEVP Group Head Operations for the bank. He is a professional banker with diversified experience of almost 23 years in various functions in different organizations such as MCB Bank, First Punjab Modaraba, etc.
According to the share register, the new incumbent CEO will oversee the day-to-day operations of the bank. Until the permanent CEO and president are appointed. He will replace Khalid Siddiq Tirmizey in the same position.
The provincial bank has been facing the challenge of hiring a CEO and a president for more than a year.
The bank appointed Talib Rizvi President and CEO of the bank for the first time in early 2019. But banking supervision set red flags based on the criteria for the fit and accuracy of the banking sector.
The bank’s operations should be carried out by the incumbent CEO.
In 2020, the bank appointed a well-known name in the banking sector, Atif Bajwa, as president and CEO. However, before receiving regulatory approval, the waiting CEO was appointed by Alfalah Bank.
Despite the leadership challenges, the bank continued to be profitable. The 2019 profit increased by 9 percent over the previous year to Rs. 8.24 billion.