NBP chief to get Rs9.5mn monthly salary, Rs30mn life insurance, two cars

Business Recorder · 23/10/2026، 7:18:09 AM

The shareholders of National Bank of Pakistan (NBP) have approved a compensation package for President and Chief Executive Officer (CEO) Imran Sarwar, effective from the date he assumed office on September 9, 2026. The listed bank informed in a regulatory filing at the Pakistan Stock Exchange (PSX) on Friday. The package was approved under Section 11(3)(a) of the Banks (Nationalization) Act, 1974, and is subject to deduction of applicable taxes. Under the approved terms for 2026-2029, Sarwar will receive: - A gross salary of Rs9.5 million per month. - A variable annual performance bonus based on key performance indicators approved by shareholders and evaluated by the board. - House rent allowance of Rs1 million per month in lieu of a concessional staff home loan. Perks include utilities, two residential telephones, two mobile phones and monthly bills at actual cost, security arrangement of four guards on 12-hour shifts at his residence, and reimbursement of Rs150,000 per month for five domestic help staff. “The President and CEO will be entitled to two vehicles. One vehicle upto 3,500 cc (Entitlement Vehicle) and the second vehicle from the available bank’s pool. “The President and CEO will have the option to purchase the Entitlement Vehicle at 10% of the cost or written-down value (WDV), whichever is higher on expiry of the contract,” read the filing. Two drivers will be provided or alternatively salary reimbursed at Rs45,000 per driver per month. Other benefits include 30 days annual leave and 18 days casual/sick leave per annum. “Annual leave may be accumulated up to 90 days, which is encashable on the basis of last drawn gross salary,” it said. Apart from this, the CEO will be provided with a generator facility at residence of up to Rs1.5 million amortised over the tenure; medical/dental coverage for self and dependent family in Pakistan at actuals; life insurance cover of Rs30 million during the tenure of contract. “50% yearly premium to be paid by President &