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The old board also consisted of seven directors. Of them, President was a professional banker Khalid A Sherwani. One member was Mohammad Iqbal Malik a nominee of the Ministry of Finance.

The remaining five members on the Board were from the private sector. They were: Mohammad Ashraf Awan, Mian Azizurrehman Chan, Sardar Mohammad Bux Khawar, Sayed Mumtaz Gilani and Abdul Khalique Soomro.