Muhammad Aurangzeb, the former President and Chief Executive Officer (CEO) of Habib Bank Limited (HBL), has submitted his resignation following his anticipated appointment as a Federal Minister, with indications suggesting his assumption of the finance portfolio.

In an official statement addressed to the Pakistan Stock Exchange (PSX), HBL, the country’s largest commercial bank, confirmed Aurangzeb’s resignation, stating, “Muhammad Aurangzeb has tendered his resignation to the Board of Directors of Habib Bank Limited (‘HBL’) and will relinquish his role as President & Chief Executive Officer of HBL,” as outlined in the notice.

The Board of Directors of HBL has endorsed Aurangzeb’s resignation, subject to approval from the State Bank of Pakistan (SBP). Additionally, the board has appointed Muhammad Nassir Salim as the new President & Chief Executive Officer of HBL, pending SBP approval, according to the notice.

Aurangzeb’s resignation from HBL signifies a transition into his new role within the federal government, where he is expected to play a pivotal role in the finance sector. His departure from HBL marks the end of a successful tenure and paves the way for new leadership to guide the bank forward.

As Muhammad Aurangzeb prepares to assume his responsibilities as a Federal Minister, his tenure at HBL will be remembered for his leadership and contributions to the banking sector. His appointment reflects the government’s confidence in his abilities to navigate complex financial challenges and drive economic growth at the national level.