Muhammad Aurangzeb, President and CEO of Habib Bank Limited (HBL) and a top contender for Pakistan’s finance minister role, is set to forego his substantial monthly salary of Rs30 million and Dutch citizenship to qualify for the appointment.
While Prime Minister Shehbaz Sharif’s cabinet remains unannounced, Aurangzeb’s consultations with Nawaz Sharif, the Pakistan Muslim League-Nawaz (PML-N) leader, and his participation in the initial finance meeting under the Prime Minister, indicate a strong inclination towards his nomination. This move comes amid speculation regarding Ishaq Dar’s future role, with sources suggesting Dar might be allocated a different key position within the cabinet.
Aurangzeb’s potential shift from a highly lucrative banking career to public office is driven by Pakistani law, which prohibits dual citizens from holding such positions. As one of Pakistan’s top five highest-paid bank CEOs, Aurangzeb’s annual remuneration from HBL, including perks, totalled Rs 352 million, according to the 2023 annual report. His decision to resign from this post and renounce his dual citizenship reflects the gravity with which he approaches the finance minister role.
Read: Muhammad Aurangzeb Appointed as Pakistan’s New Finance Minister
The financial community is watching closely, questioning his decision-making autonomy and approach to navigating Pakistan’s economic hurdles. His forthcoming interactions with the International Monetary Fund (IMF), especially considering the $3 billion Standby Arrangement (SBA) programme, are eagerly anticipated.
Aurangzeb’s tenure at HBL since April 2018 marks the latest chapter in over 30 years of a distinguished international banking career, including senior roles at JP Morgan, ABN AMRO, and RBS, mainly in Amsterdam and Singapore. An alumnus of The Wharton School, University of Pennsylvania, Aurangzeb’s expertise is well-regarded within the global financial sector.
Under Sultan Ali Allana’s leadership at HBL, Aurangzeb has contributed to significant projects, including the Roshan Digital initiative and efforts leading to Pakistan’s removal from the Financial Action Task Force’s Grey List, showcasing his ability to navigate complex financial landscapes.
