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Thursday, 20 Jun 2013 5:24 pm
High 14 oC - Low 7 oC
Qamar appointed NBP president
ISLAMABAD - Prime Minister Yousaf Raza Gilani has appointed Qamar Hussain as President of the National Bank of Pakistan (NBP), for a period of three years. He would replace the former NBP Chief Ali Raza, who had worked at the post for almost a decade.
The new NBP president faces a huge challenge of restoring image of the state-owned bank which has, in the past, been frequently questioned by media and businessmen for its unprofessional approach and malpractices.
Qamar, already working as acting President of the NBP after Ali Raza's ouster, has a long career in banking and has worked at various significant positions, said a press release.
The influential Qamar got himself appointed against a specially created post in the bank, after the Supreme Court declared appointment of National Bank of Pakistan (NBP) President Ali Raza as unconstitutional and directed him to immediately quit the office.
The bench comprising of Chief Justice Iftikhar Muhammad Chaudhry, Justice Ghulam Rabbani and Justice Khalilur Rehman Ramday had announced its short verdict, it had reserved on January 4, over the petition of Muhammad Idrees and other employees of NBP, against Raza's appointment. Declaring notification of his reappointment after 2007 illegal, the court had set aside renewal of his contracts.
The PPP government had extended Raza's tenure for one year on April 10, 2010, under which he had to hold his office until June 20, 2011. The petitioner said, under the rules, Raza's term could only be extended twice. However, former president Pervez Musharraf, by an ordinance, had extended his term thrice.
His term was later extended for the fourth time by the incumbent government, which was unconstitutional. Successive media reports have accused former NBP President Ali Raza for involvement in dubious practices, during his stay at the bank.
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