Govt likely to appoint Zafar Masud as NBP president

ISLAMABAD: The federal government is likely to appoint Bank of Punjab President and CEO Zafar Masud as the next president of the National Bank of Pakistan (NBP), with the renowned banker emerging as the leading candidate among three bankers shortlisted for the top position at the country’s largest public-sector bank.
According to sources familiar with the selection process, Mr Zafar Masud is currently ranked first among the three shortlisted candidates. United Bank Limited (UBL) Group Executive–Risk and Credit Policy and Chief Risk Officer Imran Sarwar is the second-ranked candidate while Bank of Khyber Chief Executive Officer Hassan Raza is third on the list.
The appointment assumes significance as the tenure of Rehmat Ali Hasnie, who was appointed NBP president in August 2023 for three years, has come to an end. The government subsequently granted him a 15-day extension, which expires today (Thursday). Mr Hasnie did not apply for another term, although he remains within the eligible age bracket for the position.
Masud’s credentials
Mr Masud brings more than three decades of experience spanning banking, development finance, energy, corporate governance and public policy. He has been serving as President and CEO of The Bank of Punjab since April 2020.
During his tenure as President and CEO since April 2020, Zafar Masud has led a major transformation of the Bank of Punjab, focusing on financial growth, digital banking, governance and financial inclusion. Under his leadership, BOP reported its highest-ever pre-tax profit of Rs24.56 billion in 2024, while deposits climbed to Rs1.71 trillion. The bank also made significant progress in recovering non-performing loans, improving asset quality and reducing provisioning requirements. His tenure has further seen an accelerated shift towards digital banking, SME and agriculture financing, low-cost housing and women-focused financial services.
BOP’s growing recognition in agriculture and women’s banking has also reflected the bank’s broader emphasis on priority-sector lending. Under his leadership, the bank has positioned itself strongly in digital lending, SME and agricultural financing, low-cost housing, credit cards and women entrepreneurship financing.
Mr Masud is also Chairman of the Pakistan Banks Association and Chairman of the Zafar Masud Foundation. He has been associated with several initiatives aimed at expanding access to finance, including interest-free lending programmes in priority sectors.
His corporate-sector responsibilities include serving as non-executive chairman of Oil and Gas Development Company Ltd (OGDCL), while he has also served on boards and committees associated with aviation, payments, education, economic policy and the arts.
His broader institutional engagements include the Pakistan Airports Authority, RAAST Payments, Islamabad Policy Research Institute, National Institute of Banking and Finance, National Academy of Performing Arts and Aitchison College Endowment Fund, among others.
Other candidates
Mr Imran Sarwar, the second-ranked candidate, has more than 25 years of experience in banking, risk management, strategy and leadership. He currently serves as Group Executive–Risk and Credit Policy and Chief Risk Officer at UBL in Karachi.
Mr Hassan Raza, currently CEO of Bank of Khyber, is another banking professional with more than three decades of experience. He holds degrees in commerce, finance and economics and has completed the Cambridge Advanced Leadership Programme at Judge Business School, University of Cambridge. He is also a Certified Director of the Institute of Chartered Accountants of Pakistan.
Hasnie’s tenure
Mr Hasnie, who has served at NBP since 2010, was appointed president and CEO in August 2023. A veteran of investment banking, corporate finance and development banking, he previously headed priority-sector lending and investment banking at NBP.
During his tenure as president, Mr Hasnie focused on strengthening the bank’s loan portfolio, financial ratios and technology infrastructure while navigating governance challenges.
His earlier career included senior positions at PAIR Investment Company, IGI Investment Bank and the Lahore Stock Exchange. He holds a master’s degree in Development Banking from The American University and a bachelor’s degree in Economics from The College of Wooster.
With the selection process now nearing its conclusion, Mr Masud’s position at the top of the shortlist makes him the strongest contender to lead NBP. His experience of steering a large commercial bank through a period of growth, alongside his exposure to public policy, development finance and corporate governance, is expected to be a key consideration as the government makes the final decision.