Head of Pakistan's biggest bank to lead finance ministry, sources say

The CEO of Pakistan's largest bank was appointed as a federal minister, according to a government document seen by Reuters, and sources said he was likely to be appointed Finance Minister as the South Asian nation looks to tide over a troubling time for its economy.

Muhammad Auganzeb, currently the chief executive officer and president of HBL bank, was picked over several veterans previously involved in handling the troubled $350 billion economy, including four-time finance minister Ishaq Dar.

Dar was also named a federal minister, according to the document and is likely to get the foreign ministry portfolio, sources said.