Mohsin Nathani set to become President of Habib Bank Limited
KARACHI: Mohsin Ali Nathani, a very experienced banker, who is being tipped as the new President/CEO of the scandal-hit Habib Bank Limited, will be facing the most difficult task of reviving the battered image and business of the HBL that had faced a major setback after imposition of more than Rs 22 billion fine in America as the bank failed to fulfill the moneylaundering regulatory responsibilities in USA a few months ago.
Tens of Millions of dollars remittances of the HBL from the United States and other countries are at stake because of this mega-scam in the banking history of Pakistan that had not only defamed Pakistan, but also raised many eye-brows about the capability of Pakistani banks to meet the challenges of combating the money laundering and enforcing the laws and technology that fully comply with the anti-money laundering laws globally.
The incumbent President/CEO Nauman K. Dar is expected to leave the bank at the end of Dec-2017, on completion of his tenure as the HBL President and money-laundering scam in United States seems one of the key reasons that have landed Nauman Dar and many other HBL officials in trouble who were either incompetent or they deliberately compromised on international anti-money laundering laws for making money from transactions of foreign exchanges especially remittances and also earned monetary reward from the State Bank of Pakistan for attracting the highest number of remittances annually. The SBP had launched the Pakistan Remittance Initiatives that offers financial incentives to promote the inflows of the remittances.