The Bank of Punjab (BOP) has approved a one-year extension in the service contract of its President and Chief Executive Officer, Zafar Masud, according to a notice submitted to the Pakistan Stock Exchange.

The decision was taken during the bank’s 330th emergent meeting of the Board of Directors held on April 13, 2026. As per the filing, the extension will take effect from April 16, 2026 and will continue under the same terms and conditions currently applicable.

The bank also confirmed that the approval follows an official notification issued by the Finance Department of the Government of Punjab on the same date.

In its communication to the stock exchange, BOP stated that the board had endorsed the continuation of Zafar Masud’s appointment for another year without any changes to his existing contract structure.

The announcement has been formally shared with the Pakistan Stock Exchange for information of TRE certificate holders and market participants.

According to the bank’s official profile, Zafar Masud has been serving as CEO since 2020. With over 27 years of experience in the banking sector, he has held senior leadership positions at institutions including Barclays Bank, Citibank, Dubai Islamic Bank, and American Express Bank, with expertise spanning development finance, banking reform, and public sector financial management.