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020101
STATE BANK OF PAKISTAN BANKING SUPERVISION DEPARTMENT CENTRAL DIRECTORATE KARACHI
BSD Circular
Letter No.1
Ist January, 2002
Presidents/Chief Executives
All Banks/DFIs
Dear Sirs,
PRIOR CLEARANCE OF STATE BANK FOR APPOINTMENT OF CHAIRMAN/ PRESIDENT/MANAGING DIRECTOR/CHIEF EXECUTIVE - MEMBER BOARD OF DIRECTORS OF BANKS/DFIS
Please
refer to BPRD Circular No. 12 dated 2nd June, 2000 regarding the above.
2. It has been observed from the Curriculum Vitae (CV) of some of the persons forwarded to
us for seeking the required no objection for appointment as Directors on the Board of a
bank, in compliance of our above referred circular, that they are either money changers,
stock brokers/members of Stock Exchanges/Brokerage Houses or persons directly/indirectly
associated with the business of stock market/exchanges.
3. Considering the potential of conflict of interest in their business and with the
business of banking and to ensure integrity of the banking business, it has been decided
that money changers, members of Stock Exchanges or Brokerage Houses or companies owned or
controlled by them or persons directly or indirectly associated with the business of stock
market/money changer shall not be eligible to become director including nominee director
on the board of a bank/DFI. Those banks/DFIs which have such persons on their boards are
advised to regularize their position within 90 days from the issuance of this circular.
Please acknowledge receipt.
Yours faithfully,
(Muhammad Kamran Shehzad)
Senior Joint Director
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