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AKBL appoints Abid Sattar as President, CEO

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By M J Hayat

LAHORE: Askari Bank Limited (AKBL) Tuesday appointed Abid Sattar the Bank President and CEO on permanent basis.
As per the reliable source the Board of Directors of Askari Bank Limited has appointed Abid Sattar as the President & Chief Executive of Askari Bank Limited subject to clearance by the State Bank of Pakistan.
Abid Sattar is said to have been served as Divisional Head of International Asia & Africa at Habib Bank Limited until 2018. Mr. Sattar served as the Head of Global Operations at Habib Bank Limited and was previously the Senior Executive Vice President and Group Executive Retail and Consumer Banking since April 24, 2006. Prior to this, Sattar served as the Regional Head of Consumer Banking for Northern Gulf and Levant at Standard Chartered Bank in Bahrain. Previously, he was a Director of HBL Asset Management Limited. Sattar has extensive experience in corporate, consumer and retail banking, both in Pakistan as well as abroad. He has been awarded the Quaid-e-Azam Merit Scholarship from the Government of Pakistan. Sattar holds an MBA in Finance from the Punjab University with a gold medal and an M.Phil. in economics and politics of Development from Cambridge University.
Earlier the Daily The Business ran a story about the resignation of Askari Bank Limited President and CEO was confirmed on March 29, 2018 when the Bank formally made announcement of change of President & CEO of the bank.
The bank through an official letter informed that Syed M Hussaini, President and Chief Executive has ceased to be the President and CEO of the Bank with effect March 28 and Saleem Anwar has been appointed as Acting CE of the Bank.The Bank held a special meeting of Boards of Director of the Bank in March 2018 accepting resignation of the outgoing President CEO and accepting new acting president & CE of Askari Bank.
Source told the scribe that the reason behind the resignation put forward by the hierarchy of AKBL was that there was some disagreement on the bonus issue of the president while the contributory and facilitating factor behind this news was that the Lahore High Court double bench has issued notices to Fauji Foundation, SECP, SBP and Majeed Ullah Hussani that how a convicted person was made appropriate when the fit and proper test of State Bank of Pakistan was applied to him.
Before that, the Board of Directors of Fauji Fertilizer Company Limited has appointed Lt Gen Tariq Khan, HI(M) (Retd) as Chief Executive and Managing Director w.e.f March 27, 2018 in place of Lt Gen Shafqaat Ahmed, HI(M) (Retd).
Fauji Fertilizer Company Limited (FFC) was said to have been a market leader in Pakistan was established in 1978, as a joint venture between Fauji Foundation and HALDOR TOPSOE A/S Denmark. FFC has evolved into vibrant company with three world class Urea Plants. The Company holds diversified stakes in Fauji Fertilizer Bin Qasim Limited,Askari Bank Limited, Fauji Cement Company Limited and Pakistan Maroc Phosphore SA (PMP).
After the resignation of Majeedullah, Askari Bank Limited announced appointment of Saleem Anwar as acting CE of the Bank. However, finally the Bank Tuesday appointed its permanent CEO and president.

Fauji Fertilizer Company Limited (FFC) was said to have been a market leader in Pakistan was established in 1978, as a joint venture between Fauji Foundation and HALDOR TOPSOE A/S Denmark. FFC has evolved into vibrant company with three world class Urea Plants. The Company holds diversified stakes in Fauji Fertilizer Bin Qasim Limited,Askari Bank Limited, Fauji Cement Company Limited and Pakistan Maroc Phosphore SA (PMP).
After the resignation of Majeedullah, Askari Bank Limited announced appointment of Saleem Anwar as acting CE of the Bank. However, finally the Bank Tuesday appointed its permanent CEO and president.

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