KARACHI: After 10 years at the helm of United Bank Limited (UBL) as the President and Chief Executive Officer, Atif Bokhari has decided to resign from his position. During this period, the Bank made tremendous strides to create the financial powerhouse that it is today; assets grew from Rs 225 billion to Rs 1,084 billion, deposits from Rs 199 billion to Rs 828 billion and the resulting profit before tax from Rs 4.5 billion to Rs 28.9 billion.
During this period, UBL established new businesses of insurance, Islamic banking, a banking subsidiary in Tanzania, acquisition of Khushhali Bank and launching of branchless banking business into one of the most recognised in the world.
UBL Fund Managers during this period also grew into the largest private asset management company in Pakistan.
Atif Bokhari stated that he was “leaving the Bank in great shape and one that is recognised 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 four 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, Atif Bokhari thanked the Board, his team, the employees as well as the customers without whom the outstanding successes that UBL has delivered would not have been possible.
The Board has expressed its extreme gratitude to Atif 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 Atif Bokhari for guiding the Bank through challenging times and for establishing an extremely strong franchise. The Board accepted Atif Bokhari’s resignation subject to regulatory requirements; and stated that he will advise the Board in forming a decision for his replacement. Atif Bokhari will continue as CEO till May 31, 2014. Finally, the Board and the Chairman of UBL wished Atif Bokhari continued success for his future.—PR
