The Board of Directors of Askari Bank Limited has appointed Atif Bokhari — a highly experienced and renowned banking executive — to lead the bank toward new heights.
According to an official notification filed with the Pakistan Stock Exchange, Askari Bank has appointed Bokhari as CEO and President for a three-year term beginning on 1 September 2021.
Bokhari is a 32-year veteran of domestic and international banking. He served as President and CEO of United Bank Limited for more than a decade, during which time the bank expanded continuously and maintained a healthy financial position.
He served as the NIB Bank’s top banker from 2015 to 2017 and was instrumental in the bank’s amalgamation and merger with MCB Bank. Following that, he co-founded the first private sector housing finance company in Pakistan with two large business conglomerates.
Bokhari has also served as a member of the State Bank of Pakistan’s Monetary Policy Committee and as a director of the State Bank of Pakistan’s Board of Directors. He previously worked for the government for a year and four months as State Minister and Chairman of the Board of Investment. He did not, however, continue with these responsibilities and returned to the banking industry.
Bokhari’s appointment as CEO and President of Askari Bank Limited is pending regulatory approval. Meanwhile, the board has appointed Khurshid Zafar, the bank’s COO, as interim CEO and President. Zafar will assume his duties during the transition period and until the new president takes office in September.
Abid Sattar, the outgoing CEO and President of Askari Bank, will conclude his successful tenure on 8 August, leaving behind an impressive list of accomplishments and invaluable experience.
Despite his significant contributions, the Board of Directors did not retain him as President and CEO of the bank for the next tenure, but appreciated his role in leading the bank. Sattar’s age could be a factor in his services being terminated — a possibility that cannot be ruled out under banking industry rules and regulations.
Sattar has worked in the banking industry for 38 years. He was appointed chief banker of Askari Bank in 2018 and oversaw the bank’s transformation into a profitable and progressive institution, placing it among the country’s top ten most profitable banks. Profitability of the bank increased from Rs. 4.4 billion in 2018 to Rs. 10.8 billion in 2020.
Throughout Sattar’s tenure, Askari Bank expanded its services across multiple dimensions, including Islamic banking under the brand name ‘Ikhlaas.’