National Bank of Pakistan have new CEO and Presidnet.

 Ishaq Dar finally find the "suitable" person to head countries largest financial institute National Bank of Pakistan (NBP). Syed Ahmed Iqbal Ashraf Ex group chief NBP now appointed as Chief Executive of the bank.  

Media information issued by NBP said that Syed Ahmed Iqbal Ashraf, Managing Director / Chief Executive Officer of PAIR Investment Company Limited, appointed President and CEO.

Syed Iqbal has over 33 years of International banking experience serving in senior positions in United Kingdom, United States of America, Middle East and Pakistan.

 Ashraf is a Fellow of Association of Chartered Certified Accountants (FACCA) from England, where he was educated. He started his career in banking in UK. After working in the UK, U.S. and U.A.E. for 19 years, he returned to Pakistan.

NBP President post was vacant since July ,2013 after the resignation of Asif Borhi on the allegation of miss conduct. Instead appointment full time CEO newly powered federal government give acting charge to Asif Hassan.

There were very strong roomer  that Munir Kamal will be appointed President and CEO of the bank.  Sources says that his appointment summery was ready and in any day it will be approved by Prime Minister. Munir Kamal also see very closed with PM Nawaz Shareef during youth loan scheme related events.         

Prior to joining PAÏR Investment Company Limited as MD/CEO, Mr Ashraf served as a Group Chief of NBP, as the Deputy Managing Director /Director of Pak China investment Company, and as Managing Director and Chief Executive Officer of Bank of Khyber.

He has also served as Country Head Investment Banking & Head of Financial Institutions for Societe Generale (SG) –The French International Bank of France from 1996 to 2002. His main achievements at SG were the appointment as the Financial Advisor to Privatization Commission of Pakistan for the successful privatization of United Bank Limited. During his tenor with SG, he also successful arranged numerous syndicated facilities as the sole Arranger. He was appointed in the SG consortium as Financial Advisor for privatization of PESCO, by the Privatization Commission.

He has also worked with Habib Bank Limited as Executive Vice President - Head of Investment Banking. He set up Investment Banking function at HBL, and has won numerous mandates.

SAEED AHMAD ASSUMES CHARGE OF DEPUTY GOVERNOR, STATE BANK OF PAKISTAN

Government of Pakistan increased number of deputy governor (DG) State Bank of Pakistan (SBP) and appoint Saeed Ahmad as third deputy governor of the central bank. SBP announced  

Federal government issued the notification of appointment of Saeed Ahmad as deputy governor State Bank of January 20, 2014. And today he assumed the charge. According to the notification Saeed Ahmad appointment is for the 3 years and will be extended further. No additional benefits given to newly appointed DG.  Saeed Ahmad has same terms and conditions as approved for the two present working Deputy Governors, SBP.

According to sources in central bank newly appointed DG will be looking after development of Islamic Bank and Riba free financial system.  

Agriculture credit disbursement rose 13.5 percent.

 Pakistan Agriculture credit on the rise and farmers are shifting their financial need toward banking system. State Bank of Pakistan issued the six monthly agriculture loan credit figures, which shows that banks disbursed Rs 159.3 billion. Last year banks provide Rs. 140.3 billion  to aggri sector. It shows increased about 13.5 %.

Banks achieved 44% of their annual indicative targets of Rs 360 billion despite multitude of challenges such as high non performing loans, recovery drive, insufficient bank’s infrastructure and overall security and macroeconomic conditions. 

ICM launches new certification programmes for capital markets

 Islamabad, January 20: The Institute of Capital Markets (ICM) is launching four new certification programmes for capital market professionals.

 

The new certification programmes are ‘Pakistan Markets and Regulations Certification’, ‘Fundamental of Capital Markets Certification’, ‘Financial Derivatives Traders Certification’ and ‘Financial Advisor Certification’. The first examination of new certification programmes will be held in February and March 2014.

 

SECP steps up enforcement efforts against corporate and market fraud

The Securities and Exchange Commission of Pakistan (SECP) plans to ramp up policing of corporate and market fraud by seeking charges against more individuals and pursuing larger fines against companies that commit wrongdoing.

The SECP’s Enforcement Department while enforcing compliance of corporate and allied laws continued its efforts to attain zero tolerance for violations of shareholder rights as well as facilitation of corporate and statutory compliance by companies.

Credit Rating Agencies Code of Conduct revise in Paksitan

ISLAMABAD–January15: The Securities and Exchange Commission of Pakistan (SECP) has issued revised Code of Conduct for the Credit Rating Agencies (CRAs) which will replace the 2005 code. Company can break the contract with CRA and appoint other agency without no objection certificate.

The regulatory landscape for the CRAs has experienced a shift on the global level as a number of jurisdictions have taken various regulatory measures to strengthen oversight of CRAs and to raise their standards. Considering this development, it was important for the SECP to ensure that domestic CRAs continuously adhere to the international standards and best practices.

In order to review the role and responsibilities of CRAs, the SECP constituted a committee having representation from the SECP, State Bank of Pakistan and both domestic CRAs. The committee in its report proposed revamp of the 2005 code in light of the best international practices and the IOSCO Code of Conduct for CRAs. Considering recommendations of the committee and in order to fairly regulate affairs of CRAs and to develop and promote the debt capital market, the SECP has issued the revised code.

The salient features of the new code include well-defined rating criteria, methodologies and procedures to enhance the quality and integrity of the rating process. The CRAs are required to have analysts who are competent and qualified to carry out rating assignments. The code requires appointment of a compliance officer for continuous monitoring of compliance with the provisions of law.

The concept of “rating shopping” has been introduced, i.e. the CRAs will not accept a rating assignment where a client has prematurely terminated a rating contract with its existing CRA, without obtaining an NOC from its existing CRA.

Now the CRAs are also required to have detailed policies for whistle-blowing, rotation of analysts and complaints handling for combating the misuse of inside information by the employees.

The code requires the CRAs to monitor and review all the outstanding ratings continuously and any potential change therein is to be disseminated to the market, in a timely and effective manner. Confidentiality of information has also been covered and the procedure for treatment of confidential information has been laid out. Further, the CRA is now required to conduct training programs for the skill development of the employees of market participants.

The new code has covered the independence and avoidance of the conflict of interest situations by including the concept of independent directors requiring the CRAs to have at least one third or two independent directors whichever is higher. The CRAs have to follow the SECP’s fit and proper criteria for appointment of members on their board of directors, including chairman and chief executive.  The CRAs are now also required to disclose their latest pattern of shareholding and the name of the entity/group contributing 10% or more in CRA’s revenue as well as their criteria, methodologies and procedures for both solicited and unsolicited credit ratings. The code requires the CEO of the CRA to be independent, with no direct or indirect shareholding in the CRA. Moreover, the shareholding by an institution has been restricted to less than 26% and that of an individual to less than 10%, whereas the Individual aggregate shareholding shall not exceed 40% at any time. The SECP has directed the CRAs to diversify their shareholding by December 31, 2014.

Investors and other stakeholders give immense importance to the assessment conducted and opinions expressed by the CRAs. The growing importance placed on their assessments and opinions, requires the CRAs to conduct their credit rating activities in accordance with the principles of integrity, transparency, quality and good governance. This will help to assure that investors and issuers are treated fairly and the confidential material information provided to them by the issuers is safeguarded and not misused.

SECP reduced the criteria for the CFO and HOIA

Securities and Exchange Commission of Pakistan (SECP) reduced that criteria for the chief financial officer. This move to give listed companies to higher financial official on lower rates.  

The Securities and Exchange Commission of Pakistan (SECP)  amended  certain provisions of the Code of Corporate Governance for listed companies. With this  amendment SECP relaxed the criteria for the appointment of chief financial officer. Now listed companies can appoint CFO and head of internal auditor (HOIA) with minimum 3 year experience instead of 5 years.   

SBP and FIA Join Hands to Cub Money Laundering, Terrorist Finance and Capital Flight

Pakistan financial sector regulator and Federal Investigative Agency join hands to curb white color crime. The State Bank of Pakistan (SBP) and Federal Investigation Agency (FIA) have signed a Memorandum of Understanding (MoU) to further formalize  coordination between the two institutions. A SBP announcement disclosed.