Zafar Masud likely to become NBP president

According to sources, a summary containing a panel of three names for the top slot at NBP has been circulated for approval. Zafar Masud’s name tops

LAHORE: The federal government has decided to reshuffle the leadership of two major state-owned banks, with Bank of Punjab’s current President/CEO Zafar Masud likely to be appointed as the new President/CEO of National Bank of Pakistan, sources said.

According to sources, a summary containing a panel of three names for the top slot at NBP has been circulated for approval. Zafar Masud’s name tops the panel, followed by Imran Sarwar, Group Executive Risk & Credit Policy and Group Chief Risk Officer at United Bank Limited, and Hassan Raza, Managing Director & CEO of Bank of Khyber.

It is pertinent to mention that Mr. Masud was granted a one-year extension as President & CEO of Bank of Punjab effective April 16, 2026.

Meanwhile, the three-year term of NBP’s current President/CEO Rehmat Ali Hasnie expired on August 7, 2026. Mr. Hasnie was appointed to the position on August 7, 2023. Sources said he has been allowed to continue for an additional two weeks until a new appointment is made.

Sources further revealed that Prime Minister Shehbaz Sharif wants to replicate the Punjab Government’s interest-free and low-interest loan schemes at the federal level. Under Mr. Masud’s leadership at BOP, millions of people in Punjab benefited from such schemes.

The Prime Minister is keen that NBP, under Mr. Masud, expand similar programs nationwide, including in Sindh, Khyber Pakhtunkhwa, Balochistan, Gilgit-Baltistan and Azad Kashmir, to ensure maximum public benefit from federal government initiatives.