MCB Bank Limited has announced the appointment of Muhammad Nauman Chughtai as its new President and CEO. He will succeed Shoaib Mumtaz, whose tenure is set to conclude on 20th December 2024.
In a notification to the Pakistan Stock Exchange (PSX), the bank confirmed that its Board of Directors approved Chughtai’s appointment during a meeting held on 11th December 2024. His formal assumption of the role is contingent upon clearance of the Fit & Proper Test (FPT) by the State Bank of Pakistan (SBP).
Upon the conclusion of Shoaib Mumtaz’s term, Chughtai will serve as Acting President for a maximum period of three months or until the SBP grants the required clearance, whichever comes first.
The board has expressed its appreciation for the outgoing President and CEO, recognising Shoaib Mumtaz’s valuable contributions to the bank during his tenure.
With over 25 years of professional banking experience, Muhammad Nauman Chughtai brings a wealth of knowledge in risk management and corporate banking, gained from his tenure at both local and international financial institutions.
As Group Head of Risk Management at MCB Bank, Chughtai has been responsible for overseeing key functions, including:
- Credit Review and Credit Risk Control
- Credit Policy
- Market Risk and Operational Risk
- Information Security Risk
His remit covers all business areas of the bank, including its overseas operations. Additionally, Chughtai is a member of the Board of Directors for MCB Bank Leasing Azerbaijan, a subsidiary of MCB Bank Limited.
The leadership transition marks a new chapter for MCB Bank Limited, one of Pakistan’s leading financial institutions. With Chughtai’s extensive expertise and strategic acumen, the bank aims to strengthen its position in the evolving financial landscape.
This appointment aligns with MCB Bank’s commitment to delivering innovative solutions and ensuring robust governance under experienced leadership.
