Atif R Bokhari resigns as President and Chief Executive Officer United Bank Limited

Karachi, April 18, 2014 (PPI-OT): After 10 years at the helm of United Bank Limited (UBL) as the President and Chief Executive Officer, Mr. Atif R Bokhari has decided to resign from the position. During this period, the Bank made tremendous strides to create the financial powerhouse that it is today; assets grew from Rs.225 bn to Rs.1,084 bn, deposits from Rs.199 bn to Rs.828 bn and the resulting profit before tax from Rs.4.5 bn to Rs.28.9 bn.

During this period, UBL established new businesses of insurance, Islamic banking, a Banking subsidiary in Tanzania, acquisition of Khushali Bank and launching of branchless banking business into one of the most recognized in the World. UBL Fund Managers during this period also grew into the largest private asset management company in Pakistan.

Mr. Bokhari stated that he was “leaving the Bank in great shape and one that is recognized regionally for its professionalism and innovation”. He went on to say “I feel it is the right time, after 10 years in the role and after 4 consecutive years of record profits to leave on a high. After the appointment of new Chairman and a recomposed Board of UBL, I feel I need to set an example and have someone else run the Bank”.

In his message, Mr. Bokhari thanked the Board, his team, the employees as well as the customers without whom the outstanding successes that United Bank Limited has delivered would not have been possible.

The Board has expressed its extreme gratitude to Mr. Bokhari for the outstanding leadership he has provided to the Bank for the last 10 years and for transforming the Bank, both domestically as well as internationally. The Board stated that it was indebted to Mr. Bokhari for guiding the Bank through challenging times and for establishing an extremely strong franchise.

The Board accepted Mr. Bokhari’s resignation subject to regulatory requirements; and stated that he will advise the Board in forming a decision for his replacement. Mr. Bokhari will continue as CEO till May 31, 2014. Finally the Board and the Chairman of UBL wished Mr. Bokhari continued success for his future.

For more information, contact:
United Bank Limited
2nd Floor, UBL Warehouse Building,
Plot # 1 and 2 “C” Group,
Mai Kolachi Road, Karachi – Pakistan
Tel: 111 825 888
Fax: +9221 9920 1632

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The post Atif R Bokhari resigns as President and Chief Executive Officer United Bank Limited appeared first on AsiaNet-Pakistan.

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