In a key development in the banking sector, the Standard Chartered Bank (Pakistan) Limited has appointed Adil Salahuddin as its incoming chief executive officer (CEO) and director.
The appointment is subject to regulatory approval, the bank said in a notice to the Pakistan Stock Exchange (PSX) on Monday. “We hereby inform you that the Board of Directors of Standard Chartered Bank (Pakistan) Limited has approved the appointment of Adil Salahuddin as the incoming CEO and director of the bank in place of Rehan Shaikh,” read the notice. Shaikh will continue to perform his duties until the incoming chief executive assumes office. Salahuddin brings more than 30 years of banking experience and has been associated with the Standard Chartered Group for 25 years, according to the filing.
“During this period, he has held various leadership roles across markets, coverage and transaction banking in different geographies. While his primary focus has been Pakistan, Salahuddin has also worked in the UAE and Saudi Arabia, gaining a deep understanding of the Middle East and African markets,” it added. The appointment remains subject to the receipt of the necessary regulatory approvals and clearances, the bank said in the PSX filing. Standard Chartered Bank (Pakistan) Limited was incorporated in Pakistan on 19 July 2006 and was approved for the commencement of banking business by the State Bank of Pakistan, with effect from 30 December 2006.