Among the trending news across the urban centers of the country, one has been the recently publicized pay package of Atif Bajwa, CEO of Bank Alfalah Limited. Figures released in the annual financial statement of the company made some turn green, while provided others with some solid salary goals.
Ask any old-schooler and you’d know the reason of hype around the salary of a financial sector’s boss when the interest rates in the banking industry as facing a consistent drop. Bajwa’s salary, while majority of the mid-level banking management hasn’t been upbeat about their annual increments, increased from Rs. 6.475 million to Rs 7.113 million per month at the closure of 2016. His annual remuneration of Rs 85.4 million (which increased from Rs 77.7 million) is in addition to the perks he is entitled to as the President and CEO of the bank.
Bajwa’s complete package includes a monthly managerial remuneration, annual allowances of CEO, household utilities, post-employment benefits fund, household bills, rent and maintenance, and domestic utilities. Apart from these facilities, there’s a wide range of additional perks like company-maintained car, household equipment etc.
Atif Bajwa’s Career Profile
Atif Bajwa has been the President and CEO of Bank Alfalah since November 2011. Mr. Bajwa has a diversified and rich experience in Banking and has held various senior positions. Prior to joining Bank Alfalah in mid-2011, Bajwa had a well-known career in banking and finance in Pakistan and abroad. Mr. Bajwa has served as the President of the Abu Dhabi Group (Pakistan) and President of MCB Bank and Soneri Bank in Pakistan.
He also worked as a Regional Head for Citigroup for the Central and Eastern Europe region and Head of Consumer Banking for ABN AMRO’s Asia Pacific region. He had been the country Manager for ABN AMRO. Mr. Bajwa received his education at Columbia University, New York.
Currently, he is serving as a member of the board of directors of various companies including Pakistan International Airlines Corporation (PIA), Alfalah Insurance Company Limited and the Board of Investment.
Bank Alfalah under Bajwa’s Leadership
Under his leadership, The Bank Alfalah solidified its pre-eminence as a leading bank in Pakistan with an exceptional lending and deposit market share. During his tenure The Bank Alfalah has added new branches and expanded its franchise chain across the country to a total network of 655 branches, including 11 in three countries, and 388 state of the art ATMs.
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