Zafar Masud withdraws from NBP CEO race, cites personal reasons

Bank of Punjab (BOP) President and CEO Zafar Masud has withdrawn his candidature for the position of President and Chief Executive Officer of the

LAHORE: Bank of Punjab (BOP) President and CEO Zafar Masud has withdrawn his candidature for the position of President and Chief Executive Officer of the National Bank of Pakistan, citing personal reasons.

In a letter dated August 26, 2026, addressed to the Federal Secretary of the Finance Division, Masud formally requested that his decision be recorded as his withdrawal from further consideration for the top position at NBP.

Masud expressed appreciation to the government, the Finance Division and other authorities involved in the selection process, describing his consideration for the position as an honour.

He said his decision to withdraw was based solely on personal reasons and clarified that he would continue performing his responsibilities as President and CEO of the Bank of Punjab.

Masud also reaffirmed his commitment to serving the public interest and contributing to Pakistan’s economic and financial development in his current capacity.

Copies of his withdrawal letter were also forwarded to the Secretary of Punjab’s Finance Department, the Chief Secretary of Punjab and the Board of Directors of the Bank of Punjab.

The development comes as the federal government continues the process of selecting a new President and CEO for the National Bank of Pakistan, one of the country’s major state-owned financial institutions.

Masud has headed the Bank of Punjab in recent years and has been associated with the bank’s growth, expansion and institutional transformation.