National Bank of Pakistan’s top executive is set to become one of the highest-paid bankers in the country. President and Chief Executive Officer Imran Sarwar will draw a gross monthly salary of Rs. 9.5 million — roughly Rs. 11 crore a year — along with two official vehicles, a million-rupee monthly rent allowance and a long list of benefits, under a compensation package approved by the bank’s shareholders. The listed lender disclosed the terms in a regulatory filing at the Pakistan Stock Exchange on Friday, confirming that the package covers 2026 to 2029 and is subject to applicable taxes.
Beyond the fixed salary, Sarwar will also be eligible for a variable annual performance bonus linked to key performance indicators approved by shareholders and assessed by the bank’s board. The fixed component of the package remains locked for the entire contract period, giving the NBP chief full pay certainty through 2029.
The housing and living allowances are equally generous. In place of a concessional staff home loan, the NBP chief receives a monthly house rent allowance of Rs. 1 million. The bank will cover his utility bills, fund two residential telephone connections and two mobile phones, and station four security guards in 12-hour shifts at his residence. It will also reimburse Rs. 150,000 a month for five domestic staff members.
Two official vehicles are part of the deal — one with an engine capacity of up to 3,500cc, while the second will be selected from the bank’s existing vehicle pool. The bank will provide two drivers or reimburse their salaries at Rs. 45,000 per driver per month. When the contract ends, Sarwar may purchase the designated vehicle for just 10 percent of its original cost or written-down value, whichever is higher. A residential generator costing up to Rs. 1.5 million is also included, with the cost amortised over the contract period.
The package extends to health and retirement benefits as well. Medical and dental expenses for Sarwar and his dependent family in Pakistan will be covered at actual cost, alongside life insurance coverage of Rs. 30 million during the contract, with the premium split equally between the banker and the bank. He will receive 30 days of annual leave each year — accumulable to 90 days and encashable at his last-drawn gross salary — plus 18 days of casual and sick leave. Gratuity equals one month’s last-drawn gross salary for every year of service, and the bank will pay the entry fees of two clubs and the subscriptions of three more.
The exit terms are spelled out in detail too. If the bank terminates his employment before the agreement expires, payment for the remaining term will be governed by the approved contract’s terms. In case of resignation, Sarwar must serve three months of gardening leave as part of his notice period.
Sarwar was appointed NBP president and CEO for a three-year term effective September 3, 2026, and assumed office on September 9. Before joining the state-owned lender, he served as Group Executive for Risk and Credit Policy and Chief Risk Officer at United Bank Limited.
