Muhammad Aurangzeb new HBL president and CEO

The Board of the Habib Bank Limited (HBL) has approved the appointment of Muhammad Aurangzeb as the President and CEO of HBL, according to a stock exchange filing on Thursday.

The letter, however, adds that the appointment is “subject to approval of the Fit and Proper Test by the State Bank of Pakistan.”

Aurangzeb is a "respected and seasoned banker with more than 30 years of diverse experience with leading global banks in Pakistan and overseas."

Aurangzeb started his career with Citibank, first in Pakistan and later in New York. He then joined ABN AMRO Bank is a senior leadership role, rising to the position of the Country Manager in Pakistan. He has since held senior level regional and global positions in ABN AMRO Amsterdam, RBS Singapore and since 2011, with JP Morgan, according to HBL. 

The bank's former president and CEO Nauman Dar retired on December 31. The bank did not specify any reason for his exit.

Dar's term at the helm of the country’s largest bank was marred by a penalty of $225 million that the New York State Department of Financial Services recently imposed on HBL for its non-compliance with risk management and anti-money laundering rules.