News Desk |
The federal cabinet on Friday approved the appointment of Arif Usmani as new CEO and President of the National Bank of Pakistan (NBP).
The post of NBP president was lying vacant after the government suspended former president Saeed Ahmad on a request by the National Accountability Bureau over his alleged involvement in a money laundering case. The PTI government suspended Saeed Ahmad on August 28, 2018.
National Bank of Pakistan has developed a wide range of consumer products, to enhance business and cater to the different segments of society and meet its social responsibilities.
His appointment was decided during a meeting of the cabinet presided over by Prime Minister Imran Khan in Islamabad. The finance ministry had earlier moved a summary for the appointment of NBP president after shortlisting potential candidates, including Arif Usmani, Javed Qureshi, Nadeem Lodhi, and Wajahat Hussain.
The National Bank of Pakistan (NBP) is a major Pakistani commercial bank with headquarters in Karachi. Although state-owned, it operates as a commercial bank, while still continuing to act as trustee of public funds and as the agent to the State Bank of Pakistan in places where SBP does not have a presence, as SBP is the major shareholder of NBP.
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The bank provides both commercial and public sector banking services. It is a lead player in the debt equity market, corporate investment banking, retail and consumer banking, agricultural financing, treasury services. As of March 2017, it has 1,450 branches across Pakistan with assets of approximately USD 17.2 billion.
The Bank also operates a network of 21 international branches, 2 international Subsidiaries, and 3 international Representative Offices. The Bank also has a presence in the UK through United National Bank Ltd (UNBL), a banking institution incorporated in the UK.
The bank also runs the Annual Awards for Excellence in Literature that confers awards to the best books in Urdu and in all prominent regional languages. The Bank is also the largest sponsor of sports in Pakistan.
National Bank of Pakistan has developed a wide range of consumer products, to enhance business and cater to the different segments of society and meet its social responsibilities. Some schemes have been specifically designed for the low to middle-income segments of the population.
It has implemented special credit schemes like small finance for agriculture, business, and industries, administrator to Qarz-e-Hasna loans to students, self-employment scheme for unemployed persons, public transport scheme. The Bank has expanded its range of products and services to include Shariah Compliant Islamic Banking products.
It has also put in place a remittance service for overseas Pakistanis to send their money back to Pakistan. Customer Social Responsibility is a new department which provides Social services for Education, health and women empowerment.
Read more:Â The National bank of Pakistan, reaching new heights
The bank also runs the Annual Awards for Excellence in Literature that confers awards to the best books in Urdu and in all prominent regional languages. The Bank is also the largest sponsor of sports in Pakistan.