RECORDER REPORT

KARACHI: Bank Alfalah has announced a major restructuring in the management team to maintain growth momentum.

Group Head HR & Learning and Corporate Services, Chief Financial Officer (CFO), Group Head RMM North, Central and Consumer Finance, Chief Marketing Officer (CMO), Group Head Merchant Banking and Group Head CIBG & International Business are among those, who have decided to leave the bank, an internal memo issued by Bank Alfalah President and CEO Nauman Ansari said.

In June this year, Bank Alfalah BoD had appointed Nauman Ansari as President and CEO in replacement of Atif Bajwa, who remained the President and CEO for over five years and stepped down citing personal reasons.

“The bank’s Q3 2017 accounts are testament of performance, but to maintain momentum, we must accelerate the transformation of our business and make sure that we have the right organizational structure in place to strengthen our connections with growing universe of customers and business partners,” Ansari said in the memo.

In this regard, he has informed that some of the senior executives have opted to part ways with the bank.

According to the memo, after serving for six years, Faisal Farooq Khan, Group Head HR & Learning and Corporate Services will leave the bank as on November 17, 2017. His replacement has not been announced but the GM Corporate Services has been asked to repot to Khawaja Muhammad Ahmed Group Head Operations.

With a five-year association with Bank Alfalah, Mirza Zafar Baig CFO will be no more with the bank as on November 17, 2017 and in the interim set-up Amin Sukhiani will officiate as acting CFO.

November 30th will be the last day of Khurram Hussain Group RMM North, Central and Consumer Finance, while Aly Mustansir Chief Marketing Office will also be no more associated with the bank after December 10, 2017.

According to the memo, Imran Zaffar Group Head Merchant Banking will be leaving the bank from November 17, 2017. While the public market team and the private market team as well as the investment portfolio are critical to the bank, it has been decided that these portfolios will be managed by Imtiaz Gadar, who is currently leading the public market team.

In addition, Imtiaz Gadar and Yavar Moini, Head of Islamic Solution, have been directed to repot to Ali Sultan, Group Head Treasury.

The management has also decided that the entire retail banking group (Retail North, Central and South) will now be unified and report to Mehreen Ahmed. The Consumer Finance, SME, Bancassurance, Bank at Work, products, customers experience and new initiative team has also been advised to report to Mehreen Ahmed.

As per the restructuring plan, the marketing functions will become part of the retail banking group and report to Mehreen Ahmed. Until the replacement of head of marketing, Mehreen will see marketing functions.

According to the memo, Saadur Rehman Khan, Group Head, CIBG and International Business, has decided to leave the bank with effect from November 10, and in the interim set-up, Fakhar Ahmed will hold the same office.

Nauman Ansari said in the memo that the environment in which we operate is evolving rapidly, therefore we must be prepared to navigate the challenges and capitalize on opportunities in a way that is smart, nimble and efficient.

He also announced to host a town hall meeting in coming days to answer the questions, raised in this regard. Nauman Ansari has also appreciated the performance of all the leaving officials.