20000208

HBL directors eulogise Shaukat Tarin's services

RECORDER REPORT

KARACHI: A meeting of the Board of Directors of the Habib Bank Limited (HBL) was held here on Monday.

The Board appreciated the efforts of the out-going President Shaukat Tarin who left Citibank in April, 1997 to take up the challenging position of President and Chairman at HBL.

The Board maintained that Tarin's personal commitment in the face of great difficulties and his leadership abilities with a clear worldly vision has helped the bank recover from its gloomy position in a short span of time.

Under Tarin's management, HBL made a profit of Rs. 1.5 billion in 1998 and is expected to post better results for the year 1999 as well.

This represents a complete turnaround of the Bank from 1997 when it posted a loss of Rs. 3.4 billion.

The Board also appreciated efforts made by Tarin-led management for successfully restructuring the bank and building HBL as a dynamic and modern institute, in line with the requirements of 21st century.

The Board also welcomed the new President Zakir Mahmood as the successor of Tarin and wished him all success to take the bank to new heights.