Karachi, May 06, 2020: Shahzad Dada has stepped down as the President and CEO and Director of Standard Chartered.
He will remain to serve his bank for one more month on the notice period. His resignation has been accepted by the board of directors, according to the official announcement.
Shahzad Dada took the decision to pursue a new opportunity in Pakistan which is United Bank Limited, the second most profitable bank of the country.
The move of the renowned banker will create a new transition of leadership in the banking industry as his move to UBL could cause the departure of sitting President and CEO Sima Kamil.
Further, his successor will have to be appointed by the board of directors of the Standard Chartered Bank in a short span of the time. The board will give an acting charge to a senior rank within the management then take a final decision to appoint a new president in the next few months.
Prior to joining Standard Chartered, he was the Chief Executive Officer and Managing Director of Barclays Pakistan. His experience spreads across Corporate, Investment and Retail Banking. He was additionally the Head of Regional Transaction Services Steering Committee for Asia and India, UAE & Pakistan.
Dada is on the Board of Trustees of Developments in Literacy (DIL) Pakistan and a member of the Board of Directors of Sui Southern Gas Company Limited, The Karachi Stock Exchange, and AISEC.
He has held various senior-level positions in the past, including that of the Chairman of Pakistan Mercantile Exchange, Member Board of Governors of British Overseas School, Council Member of Institute of Bankers and also Pakistan Banks Association, where he has played a key role in shaping the overall banking industry in Pakistan to its current prominence.
