National Bank of Pakistan (NBP) President and Chief Executive Officer Imran Sarwar will receive a gross monthly salary of Rs. 9.5 million under a compensation package approved by the bank’s shareholders. His annual base salary will amount to Rs. 114 million, excluding bonuses and other benefits.
The package, covering 2026 to 2029, was disclosed in a regulatory filing at the Pakistan Stock Exchange on Friday. It is subject to applicable taxes.
Sarwar will also receive a performance-based annual bonus linked to key performance indicators approved by shareholders and assessed by the board. The package includes a monthly house rent allowance of Rs. 1 million in lieu of a concessional staff home loan.
NBP will pay utility bills and provide two residential telephone connections and two mobile phones. It will also arrange four security guards working 12-hour shifts at his residence and reimburse Rs. 150,000 per month for five domestic staff.
The bank will provide two vehicles. The first can have an engine capacity of up to 3,500cc, while the second will be selected from the bank’s existing vehicle pool. At the end of his contract, Sarwar can purchase the designated vehicle for 10 percent of its original cost or written-down value, whichever is higher.
The package also covers two drivers. Alternatively, the bank will reimburse their salaries at Rs. 45,000 per driver per month.
NBP will provide a generator facility at Sarwar’s residence costing up to Rs. 1.5 million, with the amount amortised over his contract. Medical and dental expenses for him and his dependent family members in Pakistan will be covered at actual cost.
His life insurance coverage will be Rs. 30 million during the contract. Sarwar and the bank will each pay half of the annual insurance premium.
The approved terms provide 30 days of annual leave and 18 days of casual and sick leave per year. Annual leave can accumulate to 90 days and be encashed based on his last-drawn gross salary.
Sarwar will also receive gratuity equivalent to one month of his last-drawn gross salary for every year of service. The bank will pay entry fees for two clubs and subscription charges for three clubs.
The compensation package will remain fixed throughout the contract. If NBP terminates his employment before the agreement expires, payment for the remaining term will be governed by the approved contract. If he resigns, he will take three months of gardening leave as part of his notice period.
Sarwar was appointed NBP president and CEO for a three-year term effective September 3, 2026. The filing states that the compensation package applies from September 9, 2026, when he assumed office.
He has more than 36 years of banking experience across corporate and institutional banking, investment banking, credit and risk management in Pakistan and international markets.
Before joining NBP, Sarwar served as Group Executive for Risk and Credit Policy and Chief Risk Officer at United Bank Limited. He previously held senior positions at Standard Chartered Bank, including Managing Director and Head of Corporate Banking for the UAE. He has also served on the boards of Khushhali Microfinance Bank and Pakistan Mortgage Refinance Company.
