Islamabad: The Ministry of Finance has formally notified the appointment of Qamar Hussain, Chief Operating Officer, National Bank of Pakistan (NBP). Few circles were already expecting this appointment. According to further details a notification has been issued on Sunday, that said Chief Operating Officer (COO) NBP, Qamar Hussain will be serving as President of the Bank on acting charge basis.
Qamar Hussain has assumed the office on Monday. Earlier he had ensured transfer of Rs 70 million to personal account of Mr. Ali Raza, former president of the National Bank of Pakistan; who had left office after the Supreme Court of Pakistan declared his appointment illegal. Interestingly Mr. Raza got 70 million rupees and salary till June 2011 in his account.
Qamar Hussain has served in American Express Bank as Senior Director, Global Credit, New York, and earlier as Country Manager, Bangladesh. He has also been associated with Chase Manhattan Bank. Before joining NBP in 2009 on a specially created post of Chief Operating Officer, he was CEO of an insurance company owned by Mr. Riaz Laljee, a friend of President of Pakistan Mr. Asif Ali Zardari. Insiders say that Qamer was rewarded as he has been handling almost all the financial matters of Asif Ali Zardari.
On January 2009 Qamar Hussain, was appointed as COO of NBP; a post that never existed before. Additionally he was made chairman of three important companies owned by the NBP. These companies include NBP Exchange Company Limited, NBP Capital Limited, and National Bank Modarba Management Company Limited.
No advertisement was given before the appointment of such a great importance to make Qamar Hussain master of an important and critical segment of the economy. It is important to mention here that Qamar Hussain remained a close friend of Ali Raza but he never reported to him regarding his appointment notification; clearly reads that he will report only to the president.
Sources showed concerned as his elevation is part of the plan of President to hijack whole banking system of Pakistan. Further a secret department has been set up in the NBP for questionable transactions which have been kept away from the eyes of internal auditors and regulators.
It has also been reported that State Bank of Pakistan, the Central Bank had some reservations over appointment of Mr. Qamar as he failed to prove his qualification however like always the regulators bowed down before the political pressure as usual. However few circles denote him as distinguished banker and experienced in various aspects of banking, particularly in Corporate Finance, Credit/Risk Management, and has excelled in strategic planning and business management. Qamar Hussain holds an MBA degree from McGill University, Canada, and has undergone extensive training in business leadership abroad.