Muhammad Aurangzeb, the country's potential finance czar, is currently among the five highest-paid bank CEOs
- Muhammad Aurangzeb met Nawaz Sharif.
- Aurangzeb applied to renounce his dual citizenship.
- “Chances of Ishaq Dar becoming finance minister are slim”.
ISLAMABAD: Muhammad Aurangzeb, Pakistan's likely finance minister, is expected to give up his monthly salary package of Rs 30 million and Dutch citizenship to take up the important job. News reported on Saturday.
According to a source close to Aurangzeb, the future Finance Minister has started the process of renouncing his Dutch nationality.
Although Prime Minister Shehbaz Sharif is yet to announce his cabinet, Aurangzeb has already met Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif.
The banker also attended the first finance meeting chaired by the prime minister soon after taking over as prime minister, where former finance minister Ishaq Dar was notably absent.
PML-N sources suggest that the likelihood of Dar holding the Finance Ministry portfolio is slim and he is expected to be allotted another important portfolio in the federal cabinet while Aurangzeb is being considered for the finance minister post.
Keeping in mind his superior financial position, Aurangzeb has applied to renounce his dual citizenship, according to Pakistani laws that stipulate that a citizen with dual citizenship cannot hold public office.
The likely Finance Minister is currently among the five highest-paid bank CEOs. Currently, he serves as the Chairman and Chief Executive Officer (CEO) of Habib Bank Limited (HBL). HBL's 2023 annual report reveals that Aurangzeb received an annual salary and other benefits totaling Rs 352 million from the bank, which is almost Rs 3 million per month, placing him among the top five CEOs. paid from Pakistan.
While Aurangzeb is willing to sacrifice his lucrative job and dual nationality, it remains uncertain how he will address the country's economic challenges.
Financial experts also wonder whether he will be given the autonomy to make financial decisions independently. It will be essential to watch his interactions with the International Monetary Fund (IMF) team in the coming weeks.
At a press conference in Washington, DC on Thursday, an IMF spokesperson confirmed the institution's readiness to send its mission to Pakistan following the formation of a new cabinet under the $3 billion Standby Arrangement (SBA) program. Dollars.
Notably, Aurangzeb has been associated with HBL since April 2018 as Chairman and CEO. Prior to this, he served as CEO of JP Morgan's Global Corporate Bank in Asia, accumulating more than 30 years of rich international banking experience in other senior management positions at ABN AMRO and RBS based in Amsterdam and Singapore. Aurangzeb earned his bachelor's and master's degrees in business administration from The Wharton School (University of Pennsylvania).
He was one of the highest-paid bankers at those international financial institutions.
Aurangzeb has been working under the leadership of HBL Chairman Sultan Ali Allana, who has in the past been credited with conceptualizing Roshan Digital and managing behind-the-scenes projects required to remove Pakistan from the Action Group's Gray List International Financial.
