SME Bank Ltd Announces Directorship Resignations and Appointment Withdrawals

Islamabad, In a series of communications with the Pakistan Stock Exchange (PSE), SME Bank Ltd has disclosed significant changes in its directorship and executive management. The bank has announced the resignation of proposed nominee directors, leading to the withdrawal of applications for their appointment, which were under the review of the Securities and Exchange Commission of Pakistan (SECP). Additionally, the resignation of Mr. Waheed Iqbal from the directorship, effective February 29, 2024, was noted, emphasizing that his decision to leave negates the need for a formal resignation.

Furthermore, SME Bank Ltd has informed of the resignation of Mr. Tahir Hassan Qureshi as President & CEO, effective January 31, 2024. Mr. Qureshi cited personal reasons for his departure and expressed gratitude for the support received during his tenure, particularly in accomplishing the challenging task of winding down SME Bank Ltd. In the interim, Mr. Abdul Razzaq, EVP/Head Compliance Division, will oversee the day-to-day operations of the bank, in addition to his existing duties, in compliance with the Corporate Governance Regulatory Framework outlined by the State Bank of Pakistan.

The bank has assured stakeholders of its commitment to a seamless transition and the continuous adherence to regulatory requirements during this period of change.