Karachi: In a significant development, The Bank of Khyber has announced the appointment of Mr. Hassan Raza as the new Managing Director and Chief Executive Officer. The announcement, dated October 7, 2024, comes as part of compliance with the regulatory requirements outlined in the Securities Act of 2015 and the rules of the Pakistan Stock Exchange.

According to information available from the Pakistan Stock Exchange (PSX), the appointment of Mr. Hassan Raza follows the successful completion of the Fit and Proper Test (FPT) criteria mandated by the State Bank of Pakistan. The Bank of Khyber has communicated that Mr. Raza's appointment is contingent upon further approvals from the State Bank, which is expected to finalize its decision soon.

In their communication to the General Manager of the Pakistan Stock Exchange Limited, Sara Shah, Company Secretary at The Bank of Khyber, highlighted that this strategic appointment aims to steer the bank towards new heights of regulatory compliance and market competitiveness. The bank has also confirmed that it will notify the Exchange as soon as the final clearance from the State Bank of Pakistan is received.

This leadership change is expected to play a pivotal role in the bank's future strategy and governance, ensuring adherence to both market expectations and regulatory standards.