MCB Bank Limited (PSX: MCB) has announced the appointment of Muhammad Nauman Chughtai as its new President and Chief Executive Officer (CEO). The decision was approved by the bank’s Board of Directors during a meeting held on Wednesday, according to a notice issued to the Pakistan Stock Exchange (PSX).

The appointment comes as the term of the current President and CEO, Shoaib Mumtaz, is set to expire on December 20, 2024. Muhammad Nauman Chughtai will assume the role of Acting President for a maximum period of three months or until he clears the Fit & Proper Test (FPT) conducted by the State Bank of Pakistan (SBP), whichever comes first.

“The Board of Directors has approved the appointment of Muhammad Nauman Chughtai as President & CEO of the Bank,” the notice stated. The bank also expressed its gratitude to Shoaib Mumtaz for his contributions during his tenure, which concludes on December 20, 2024, and extended best wishes for his future endeavors.

The appointment of Muhammad Nauman Chughtai is subject to clearance of the FPT by the SBP. Until the regulatory process is completed, Chughtai will serve as Acting President, ensuring a smooth transition in leadership.