Aurangzeb, CEO of Pakistan's largest bank, tapped as finance minister

A national election last month resulted in no party holding a majority, after which a coalition alliance elected Shehbaz Sharif as prime minister for a second time to tackle the country's economic and political crises. Sharif has included Muhammad Aurangzeb, chief executive officer of HBL bank, in the cabinet and he will be given the portfolio of finance minister.

Muhammad Aurangzeb, the CEO of Pakistan's largest bank, was picked as the federal finance minister in the country's new cabinet that was sworn in on Monday. A national election last month resulted in no party holding a majority, after which a coalition alliance elected Shehbaz Sharif as prime minister for a second time to tackle the country's economic and political crises.

Sharif has included Muhammad Aurangzeb, chief executive officer of HBL bank, in the cabinet and he will be given the portfolio of finance minister. "Aurangzeb is stepping down from HBL to assume the role of Federal Minister for Finance for Pakistan," HBL said in a statement. The government has yet to officially confirm his appointment.

Aurangzeb was picked over several veterans previously involved in handling the $350 billion economy, including four-time finance minister Ishaq Dar, as the country looks to plot a path out of its economic difficulties. Dar was also named a federal minister and is likely to get the foreign ministry portfolio, the two sources said.

HBL on Monday informed the Pakistan Stock Exchange of Aurangzeb's resignation from the bank, in a letter to the bourse. In a statement from HBL, Aurangzeb said, "As I embark on this new chapter, I carry with me the valuable lessons and experiences gained at HBL. I am excited about the opportunity to serve our country in this new capacity and contribute to the economic growth and development of Pakistan."

Pakistan's current International Monetary Fund programme expires next month, and Sharif has said his government would look to negotiate a new, longer term bailout to keep the country's economy stable amidst high inflation and external financing requirements. The new cabinet was sworn in at a ceremony on Monday where the oaths were administered by newly elected President Asif Ali Zardari, over a month since the Feb. 8 national election.

A letter, seen by Reuters, sent by Sharif to the president for the appointment of the cabinet showed a list of 19 names, including Aurangzeb and Dar. There was only one woman's name on the list, proposed as a state - or junior - minister. The portfolios of the new ministers are yet to be announced officially.

Aurangzeb does not have a seat in parliament but local laws say he can hold a post of minister for a maximum of six months without one. The sources told Reuters that Sharif's Pakistan Muslim League-Nawaz (PML-N) party planned to give Aurangzeb a Senate seat soon.