Hussain Lawai
Hussain Lawai | |
|---|---|
| Born | 1945 |
| Alma mater | Institute of Business Administration, Karachi |
| Occupation(s) | Banking professional, chief executive officer |
| Years active | 1980s–2016 |
| Known for | CEO of Summit Bank (2008–2016), CEO of MCB Bank (1991–1996), Chairman of Pakistan Stock Exchange |
Hussain Lawai (born 1945) is a prominent Pakistani banking professional who held the position of chief executive officer (CEO) at Summit Bank from 2008 until 2016. Prior to this, he served as CEO of MCB Bank between 1991 and 1996 and also fulfilled the role of chairman at the Pakistan Stock Exchange.
Early life and education
Lawai was born in 1945 and completed his Master of Business Administration degree at the Institute of Business Administration, Karachi in 1967.
Initial banking roles
His career in banking began with MCB Bank, focusing on corporate banking. During the 1980s, he managed operations for Emirates NBD across Pakistan and East Asia. In 1987, as CEO, he was instrumental in launching Faysal Bank’s branches within Pakistan.
1991–1996: Leadership at MCB Bank
After MCB Bank was privatized in January 1991 by a group of twelve industrialists, Lawai—then leading Faysal Bank and advising the consortium—was appointed CEO of MCB Bank. His leadership occurred during a period marked by privatization efforts amid political challenges. He established relationships with political figures including Asif Ali Zardari. Following the removal of the second Benazir Bhutto government in 1996, allegations arose from both Pakistan and UAE authorities accusing him of involvement in money laundering through MCB Bank; these accusations were never proven.
1996–2008: Period abroad
After being cleared by a UAE court in 2002, Lawai was removed from his position at MCB Bank and spent approximately twelve years living outside Pakistan, primarily in the UAE and London. By 2008, all money laundering charges against him in Pakistan were dismissed.
2008–2016: Tenure at Summit Bank
In October 2008, with financial backing from the UAE-based Lootah family, Lawai acquired Arif Habib Bank, finalizing the transaction by July 2009. Subsequently, he purchased Mybank and Atlas Bank towards the end of 2009, merging these entities into Summit Bank by June 2011. As CEO, he restructured branch locations by moving 47 out of 160 branches within two years and opened an additional 26 branches, increasing the total to 186 before restricting further expansion to seven more branches. Summit Bank’s funding heavily depended on expensive corporate deposits, carrying a deposit cost of 14.5% in 2009—the highest among competitors. To optimize expenses, Lawai extended operating hours at branches, launched co-branded and prepaid debit card products, and focused on enhancing remittance services.
Under his guidance, Summit Bank achieved profitability in both 2014 and 2015. Lawai stepped down from his CEO role in 2016.
Since retirement (2016–present)
In May 2018, Lawai was appointed chairman of the Pakistan Stock Exchange. However, in July that year, he was added to the Exit Control List following a directive from the Supreme Court of Pakistan.