April 14, 2026 (MLN):   The Bank of Punjab's (PSX:BOP) Board of Directors has approved a one-year extension in the employment contract of Zafar Masud as President & CEO, effective April 16, 2026, on existing terms and conditions.

The decision was taken during the bank's 330th Emergency Board meeting held on April 13, 2026, following the issuance of a notification by the Finance Department, Government of Punjab on the same date.

The aforementioned was disseminated through a notification to Exchange.

Mr. Zafar Masud is a seasoned banker and entrepreneur, with a focus on Development Finance, and boasts a 27-year proven track record of success and delivery.

He has held top positions at multinational banks in Pakistan and abroad, including Regional Managing Director & CEO for Southern Africa at Barclays Bank plc.

In this role, he was responsible for three countries and represented on the Board of Directors, managing a total balance sheet size of $3 billion and approximately 10,000 employees.

Mr. Masud also worked at senior levels in Citibank, Dubai Islamic Bank, and American Express Bank. Prior to his current role, he served as Director General of National Savings at the Ministry of Finance until August 2018.

During his tenure, he initiated the digitization of the organization, including online banking and ATM cards, with the support of the Gates Foundation, DfID, and the World Bank.

He also successfully included persons with disabilities and families of martyrs in welfare products of National Savings and launched the Overseas Pakistanis Savings Certificates.

Mr. Masud has extensive experience working at the Board of Directors level for major public and private sector entities, including the State Bank of Pakistan, where he was a member of the Independent Monetary Policy Committee.

He has also served on the boards of Oil & Gas Development Company Limited, Port Qasim Authority, Quaid-e-Azam Thermal Power (Private) Limited, and Gadoon Textile Mills Limited.

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