Dar is presently heading HBL’s division of International, Corporate and Investment Banking.
Zakir Mahmood has earlier asked board of directors in April that he wanted to quit his job to relieve himself having put in untiring endeavors to develop the organization as strong and successful.
The board accepted his request and chose two names for a new president including Nauman K Dar and Sima Kamil, Head of Retail and Consumer Banking.
Meanwhile, it has been announced on Tuesday that Dar will be taking up the charge of the bank as top executing official.
Dar has been a career banker having a wealth of working experience for about 30 years in Pakistan, Europe and Africa.
Dar has also served as Chief Executive Officer of Habib Allied International Bank plc UK. He worked in various senior positions with the Bank of America N.A. and Citibank N.A. Mr. Dar has been a Director of Diamond Trust Bank of Kenya Limited since May 28, 2009.
Zakir Mehmood spent more than 12 years with HBL as a top official. He is one of the finest bankers who has been leading the HBL among the profitable and expanding banks in the country.
Under his long-year term, he caused to gain several achievements including business expansion, banking services and products, human resource development, initiative of branch-less banking & global and regional records.
He had been retained as president and CEO after Habib Bank was privatized in 2004 as Aga Khan Fund for Economic Development (AKFED) acquired 51% of the shareholding in bank. (42.5% of the shareholding is retained by the Government of Pakistan (GOP), whilst 7.5% is owned by the general public).
It is merit mentioning here that bank’s majority share with management rights were sold out at Rs 22.4 billion ($ 389 million), which majority of the economists, policymakers and bankers argue the thrown away price. However the banks’ last year declared profit was Rs 22.33 billion.
After privatization, HBL has grown its branch network and become the largest private sector bank with over 1,450 branches across the country and a customer base exceeding five million relationships.
Mr Zakir Mehmood also served on boards of Khushhali bank, First Women Bank Limited, National Investment Trust Limited and Karachi Electric Supply Corporation.
Chairman HBL, Sultan Ali Allana has lauded his services and role for expanding networking of HBL with healthy balance sheet.