Shaukat Tarin

Shaukat Tarinشوکت ترین
Finance Minister of Pakistan
In office
8 October 2008 – 22 February 2010
President Asif Ali Zardari
Prime Minister Yousaf Raza Gillani
Preceded by Naveed Qamar
Succeeded by Abdul Hafeez Shaikh
President Union Bank (Pakistan)
In office
2000 – 2006 Karachi Stock Exchange
chairman Karachi Stock Exchange
In office
2002–2008
Serving with Sadeq Sayeed
Prime Minister Shaukat Aziz
Personal details
Born

Shaukat Tarin
1953 (age 62–63)


Multan, West Pakistan

Nationality Pakistani
Residence Islamabad,
Alma mater University of the Punjab (MBA), Forman Christian College University
Profession Banker

Shaukat Tarin (also spelt 'Tareen' at times) (Urdu: شوکت ترین ‎; born 1953) is a senior banker from Pakistan and former Finance Minister of Pakistan (from 2009 to 2010) in the Yousaf Raza Gillani-led government.

On 7 October 2008, he was appointed adviser to the government and was elevated to the post of finance minister after being elected as a senator from Sindh on 27 July 2009. Tarin resigned from the ministry on 23 February 2010 to "raise equity from the market for Silkbank," which while working at finance ministry was "a clear conflict of interest."[1]

Before his ministerial role, Tarin served as the country manager of Citibank and did tenures as head of Habib Bank, Union Bank, and twice as chairman of Karachi Stock Exchange. He currently sits on the board of Silkbank.

Banking career

Shaukat Tarin is an ethnic Pashtun born to an army doctor in Multan. He got his initial education from Army Cantonment schools all over Pakistan and later got his MBA from University of the Punjab. He joined Citibank in 1975 and remained with it for 22 years rising to become its country manager in Thailand.[2]

In 1997, then-PM Nawaz Sharif asked Tarin to turn around state-owned Habib Bank, for which he left the $1 million plus job in the United States. He, along with Zubyr Soomro at United Bank and Muhammad Mian Soomro at National Bank of Pakistan, were "successful in bringing the nationalised commercial banks (NCBs) back from virtual extinction."[3]

He left HBL in 2000 to join Union Bank as its president.[4] As the president of the Union Bank, Tarin was associated with the acquisition by Standard Chartered Bank of a 95.37% interest in Union Bank in September 2006. The amount paid was $487 million, in cash.[5][6][7]

Shaukat Tarin has also been elected twice as chairman of Karachi Stock Exchange (KSE), the last one being in the year 2008.[8]

Shaukat Tarin was a major stakeholder of Saudi Pak Commercial Bank (SPCB) and formed a consortium, along with senior banker Sadeq Sayeed, International Finance Corporation (IFC), BankMuscat, Nomura Holdings and Sinthos Capital to acquire an 86.55% stake in SPCB from Saudi Pak Industrial And Agricultural Investment Co. Ltd. for $213 million in cash on 31 March 2008. Subsequently, Saudi Pak was rebranded as Silkbank Limited on 1 June 2009 with a strategic focus on SME & Consumer financing for increased profitability.[9][10][11]

Finance Minister

Shaukat Tarin was appointed adviser to the finance ministry of Pakistan with a status of federal minister, on 7 October 2008.[4] Prior to this appointment, Tarin was serving as the President of Saudi-Pak Commercial Bank (presently, Silk Bank). On 27 July 2009, he was elected senator unopposed from Sindh and subsequently, he was elevated to finance minister of Pakistan.[12] As such, he heads the Executive Committee of the National Economic Council (NEC) and the Economic Coordination Committee (ECC).[4]

Tarin resigned from the ministry on 23 February 2010 to "raise equity from the market for Silkbank," which while working at finance ministry was "a clear conflict of interest."[1]


See also

References

  1. 1 2 Khaleeq Kiani . "PM accepts Shaukat Tarin’s resignation" Dawn, 24 February 2010
  2. ↑ Saad Hasan. "I expect 3.5 percent growth rate this year" The News on Sunday, 14 March 2010
  3. ↑ Ikram Sehgal. "Elsie is not a girl" Defence Journal, January 2000 edition
  4. 1 2 3 "Shaukat Tarin gets top finance post" Dawn, 8 October 2008
  5. ↑ "Standard Chartered Acquisition of 95.37% Interest in Union Bank Ltd" Standard Chartered, 6 September 2006
  6. ↑ "Standard Chartered acquires Union Bank" The Dawn, 5 September 2006
  7. ↑ "Standard Chartered Bank (Pakistan) Limited | EMIS " securities.com
  8. ↑ "Shaukat Tarin elected KSE Chairman" Daily Times, 17 January 2008
  9. ↑ "History of Silkbank" Silkbank Website, accessed 4 September 2009
  10. ↑ "Consortium led by senior bankers Shaukat Tarin and Sadeq Sayeed completes acquisition of SPCB" The News Website, accessed 11 January 2009 17:07 (GMT +08:00)
  11. ↑ Silk Bank | Annual Report 2009
  12. ↑ "Shaukat Tarin elected as Senator" The Nation, 28 July 2009
Political offices
Preceded by
Naveed Qamar		 Finance Minister of Pakistan
2008–2010 		Succeeded by
Abdul Hafeez Shaikh
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