As Pakistan looks to deepen financial inclusion and attract fresh foreign capital, the National Bank of Pakistan (NBP) is reshaping its role both at home and on the international stage. With the country’s diaspora growing, especially in the GCC region, remittances are playing an increasingly important part in supporting the national economy. President and CEO Rehmat Ali Hasnie shares his vision for transforming NBP into a people’s bank while creating new opportunities for international investors.   

Read selected extracts from the interview below.  

Q: How has your vision reshaped National Bank of Pakistan? 

Rehmat Ali Hasnie: My appointment in 2023 came after I had already served as Acting President during the transition phase. By then, my vision for the bank was clear from my years of service and my year as Acting President. I focused on three main areas. 

First, repositioning the bank. As a listed company, we were widely perceived as the government’s bank, which we remain since the government of Pakistan is our majority shareholder. We perform essential roles such as representing the central bank in smaller cities and handling government payments and receipts nationwide. While we value that role, I wanted to shift our image from a government bank to a bank of the people. Over the past two years, our strategy has centred on this repositioning. 

Second, upgrading IT systems. We invested heavily in technology, achieving state-of-the-art systems and a modern digital app for individuals and businesses alike. 

Third, improving physical infrastructure. Of our 1,500 local branches, 200–250 have been modernised to shed the “government bank” look and provide a welcoming experience. Alongside this, we worked to raise service quality, verified through external surveys. 

We also focused on media positioning as a bank open to ordinary Pakistanis rather than high-net-worth clients. Our products target the average citizen, offering financial tools to support daily needs and business creation. This approach is reflected in our financial results, though for us, profit is a consequence, not the purpose, of our efforts. 

We emphasise access to finance in underserved areas, where private banks are often reluctant to operate in. For example, about 200,000 households, mostly small, subsistence farmers, rely on us for agriculture loans to buy seeds, fertiliser and pesticides. Four years ago, we also made a conscious decision to support the lower-income segment by becoming a wholesale lender to microfinance institutions rather than entering micro-lending directly. 

Today, I am happy to say National Bank is one of the largest wholesale lenders to microfinance institutions in Pakistan, providing them liquidity. They understand the business better than we do, so we monitor them, and it has been very successful for us. The result has been a profitable partnership. 

In 2022, when I was Acting President, the major floods in Sindh presented a challenge. We used our microfinance partners to reach affected communities. We did two things: nationwide, we supported their customers, indirectly ours, through CSR donations, as we had also done during COVID to help households whose livelihoods were disrupted. Specifically, during the floods, the most urgent need before reconstruction was access to clean water. Through CSR funding, we provided partners with electricity-free water filters that gave clean drinking water, avoiding reliance on bottled water and the plastic waste it generates. 

We conduct many CSR activities across the country. For example, we supported the Deaf Reach programme to establish Pakistan’s first higher education institution for the deaf, enabling degrees for deaf students. We also prioritised STEM education for women. At Ghulam Ishaq Khan Institute in KPK, a highly ranked university in a remote location, women’s enrolment was limited by a lack of residential facilities. We funded the construction of a women’s hostel, which now accommodates 200–300 students. Visiting and seeing their satisfaction with modern facilities was deeply fulfilling. 

These CSR projects complement our core focus areas: SME financing and agriculture financing, which remain priority sectors for us. 

Q: How does NBP position itself for global and UAE investors? 

RAH: I often say that while we focus on priority sectors, the bank has also been one of the largest financiers of major projects in Pakistan for at least 20 years, from refineries and industry to public-private partnerships such as roads, bridges, motorways and canals. UAE investors, if considering investment, can access our full range of financial products, from standard loans to equity participation. They often seek a stable partner with local knowledge, and we provide that credibility and outreach. 

Today, international investors show growing interest not only in hydrocarbons but also in mining. We have already supported investors in the mining sector. We were key financiers of the Thar coal project, related terminals and fertiliser projects, all critical to the country’s infrastructure. We continue to provide financing facilities and advisory services for capital raising. In short, we serve as a one-stop shop for any investor entering Pakistan. 

Q: What underpins NBP’s domestic and global standing? 

RAH: There are three ways to look at it. First, for any bank, age matters. National Bank is 76 years old. We have operated through ups and downs and bring that experience to both the domestic market and, in a limited way, international markets. By global standards we are small, but in Pakistan we are large. 

Second, we approach everything with prudence. Sustainability matters more to us than profit maximisation. The lessons of 76 years have taught us to be conservative and careful in our operations. 

Third, public perception. As a public sector entity, we face both criticism and support. That is the nature of the public sector in Pakistan. Despite the noise, the bank has consistently grown in its core activities and maintained public confidence. 

To stay accountable, I hold a monthly two-hour E-Kacheri, as required of all public sector CEOs. It is advertised, open to the public and broadcast live on Facebook. People call with complaints or suggestions, and I respond directly. If an issue can be resolved immediately, I do so; otherwise, we follow up with clarifications or solutions. This process is monitored by the Prime Minister’s Office, which tracks every call, resolution and timeline. 

We also use complaint portals with the Prime Minister’s Office, the State Bank and others, all with fixed timelines for resolution. These mechanisms have improved the bank’s image by showing people they have direct recourse. They also reinforce accountability internally, as employees know complaints about branches or service quality come directly to me. 

Q: Which factors drove the rapid growth in loan portfolios? 

RAH: The gold loan portfolio refers to loans against gold ornaments. For many lower-income households, gold is their primary asset. Years ago, we were the first bank to recognise that access to finance for this segment required accepting those assets as collateral. 

Initially, gold loans were offered as a consumer product. As the product evolved, we introduced a variant for landless farmers. They lack land ownership or collateral but hold leases and need funds to buy seeds and earn income. We accepted gold ornaments as collateral to support their livelihoods. 

Both products, cash and gold, have been well received. These are not large loans, typically around 300,000–400,000, above microfinance levels but with few alternatives. Unlike microfinance lenders charging rates near 40%, we priced them reasonably at KIBOR (Karachi Interbank Offered Rate) plus a margin, ensuring borrowers could generate real income. 

The product has grown steadily, and some microfinance lenders have also entered this space. We welcome that, as they can serve the segments beyond our reach. In this way, both directly and indirectly, we are enabling financial access for underserved communities. 

Q: How is NBP deepening GCC remittance partnerships? 

RAH: Pakistan has a large overseas workforce, and their remittances are a vital part of the country’s reserves and spending. To encourage the use of formal banking channels, the government launched the Pakistan Remittance Initiative. National Bank has been a key player, building connections with partners in the UAE, Saudi Arabia and the wider Middle East, where most of the diaspora resides. 

We partner with money transfer organisations to channel remittances through us. As part of this effort, we regularly hold events with our partners, including visits to labour camps, to encourage workers to use formal banking channels. We also continue to expand partnerships across the GCC, especially in Saudi Arabia and the UAE, which host the largest concentration of Pakistanis. 

These efforts contribute significantly to national inflows. Last year, inward remittances reached $38 billion, a crucial source of foreign exchange that enabled critical imports and supported economic stability, improving reserves, ratings and inflation. 

We are also exploring digital solutions where regulations allow, partnering with digital remittance providers so workers can send money conveniently through apps without visiting transfer locations. This work continues, with the UAE remaining a central focus. 

Q: How does technology drive innovation across NBP? 

RAH: As banking transforms with new technologies, one clear trend is the generational shift. Traditional banking was led by older professionals, while the digital side is driven by younger people. That age difference fuels innovation, as younger teams better understand and design the customer journeys users expect. 

We have set up a digital lab where focus groups test proposed solutions and provide feedback. This interaction is essential, as technology evolves so rapidly that staying aligned with customer needs requires constant engagement with the target market. 

Q: In your opinion, why should investors consider Pakistan? 

RAH: Global developments give Pakistan a distinct advantage. The country has vast natural resources, underground, underwater and above ground, along with a population of 250 million that represents both a large consumer base and a major labour force. The key is converting these resources into productive exports. Mining, construction and related industries require both labour and technology, and Pakistan has the human and natural resources to support them. 

Estimates suggest Pakistan holds $5–10 trillion worth of underground resources. With the right investment, these can drive significant growth. For the UAE, this presents a strong opportunity given geographic proximity and cultural ties. They have experience in executing large projects, while Pakistan has the resources and workforce. Together, the potential is global. 

Q: How have past roles shaped your leadership? 

RAH: I studied at the College of Wooster, a liberal arts college, and later earned a master’s in Economics from American University in Washington, DC. The most valuable lesson from my liberal arts education was that learning never ends. Exposure to diverse subjects, even a Shakespeare course from the Theatre department, taught me that I will never know everything. There is always more to learn, whether from teachers, colleagues or even junior staff who may know what I do not. 

My professional life reflects this mindset. I moved through research, brokerage and regulation, each role offering new experiences and perspectives. These shaped me to approach leadership not as someone who knows all, but as someone who listens and learns. As CEO, I encourage colleagues to explain their ideas and create an environment where better ideas can emerge and take root. 

This approach, I believe, is central to our success at National Bank of Pakistan. When I joined, the bank’s market value was just over $200 million. Today, in two years, it exceeds $1.1 billion, shares rising from about 30 to over 150. That growth reflects shareholder and market confidence in the bank’s transformation.