MCB Bank has appointed Muhammad Nauman Chughtai as its President and Chief Executive Officer, subject to fit-and-proper clearance by the State Bank of Pakistan. Chughtai will take charge as Acting President when Mumtaz's term expires on 20 December 2024, for up to three months or until SBP clearance, whichever is earlier. Chughtai succeeds Shoaib Mumtaz, whose term as President and CEO ends on 20 December 2024.
MCB Bank's business spans corporate banking, retail deposits, trade finance, and treasury operations. The bank is listed on the Pakistan Stock Exchange and counts among its shareholders the Mansha family's Nishat Group and strategic investor Maybank of Malaysia.
The appointment requires fit-and-proper-test clearance from the State Bank of Pakistan, which exercises supervisory authority over senior management appointments at licensed commercial banks.