Mushtaq Ahmad completes term as Chairman J&K Bank

Parvez Ahmad is new Chairman & CEO

5 Dariya News

Srinagar 05-Oct-2016

After completing his second term as Chairman and CEO J&K Bank today, Mushtaq Ahmad handed over the charge to the bank’s Executive President Parvez Ahmad who would assume the chair tomorrow (6th October) as per the RBI approval conveyed on 30th September last week.Parvez Ahmad shall be the bank’s 12th whole time Chairman after assuming the chair tomorrow.Parvez Ahmad shall be the first in-service Chairman and CEO and the second in-house Chairman from the bank after Mushtaq Ahmad, who had assumed the chair in October 2010 after two years of his retirement as Executive Director of the bank in 2008. Mushtaq Ahmad remained the bank’s chairman for six years i.e. for two terms of three years each.Speaking on the occasion, Mushtaq Ahmad said, “This institution shall remain as part of our being as we all remain the different yarns of its great story, which shall be told and retold successfully across generations.”“I thank you all and pray for your success in times ahead”, he added while leaving the office.

Later, the outgoing Chairman Mushtaq Ahmad received a warm send-off at the bank’s headquarters from the in-coming Chairman and CEO Parvez Ahmad along with Executive Presidents, Senior Presidents, Presidents, Vice-Presidents and other officers posted at the Corporate Office.New Chairman’s Profile Born in 1964, Parvez Ahmad joined the bank in 1998 as Company Secretary. Rising through ranks swiftly he became General Manager (President) in 2006. Since 2011, he was Executive President of the Bank.His areas of expertise and experience include Strategic Planning, Corporate Governance, Compliance, Risk Management; Credit Management, Treasury Operations, Bancassurance, Finance and Taxation.Well versed in the bank’s policy matters, he has worked closely with all the Chairmen of the Bank from 1998. Heading business operations at zonal levels in the state earned him rich experience not only in strategic planning but business operations as well.

Heading the Investor Relations Department since 1998, he has got superb rapport with prominent Foreign Institutional Investors (FII’s) across the world resulting in creation of the Quality Investor Base and increase in FII’s shareholding of the bank to 34.92 pc. He successfully managed the recent Redeemable Bond issue (tier II capital) in addition to the bank’s maiden public issue earlier in his career.Credited with initiating and guiding the Apple Finance project which transformed the financial landscape of horticultural sector, he has also successfully accomplished all the targets despite difficult conditions under PMJDY- the flagship scheme of Central Government.Considered as an efficient task master inside the bank can be one of his biggest strengths as chairman in coming times. His other strengths as a good leader include patient listening, keen observation, affable personality and decisive action.Despite the disturbing legacy of Non-Performing Assets (NPAs) equal to … pc of the bank’s net worth, complete breakdown of life and economy across the valley for last three months and the sluggish pace of economic recovery in the country; Parvez Ahmad remains poised to face the challenges with matching patience and perseverance. (CNS)