Shaukat Tareen
Encyclopedia
Shaukat Tarin is a senior banker from Pakistan
who also served as the country's Finance Minister
in Yousaf Raza Gillani
-led government from 2008 to 2010. Appointed to this position as an adviser to the government on 7 October 2008, he was elected as a senator
from Sindh on 27 July 2009, thereafter being elevated to the post of finance minister. Tarin resigned from the ministry on February 23, 2010 to "raise equity from the market for Silkbank," which while working at finance ministry was "a clear conflict of interest."
Before finance ministry, Tarin stayed as country manager of Citibank
and did tenures as head of Habib Bank, Union Bank
, Silkbank, and twice as chairman of Karachi Stock Exchange
.
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
.
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." He left HBL in 2000 to join Union Bank
as its president. 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.
Shaukat Tarin has also been elected twice as chairman of Karachi Stock Exchange
(KSE), the last one being in the year 2008.
Shaukat Tarin was a major stakeholder of 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 March 31, 2008.
Pakistan
Pakistan , officially the Islamic Republic of Pakistan is a sovereign state in South Asia. It has a coastline along the Arabian Sea and the Gulf of Oman in the south and is bordered by Afghanistan and Iran in the west, India in the east and China in the far northeast. In the north, Tajikistan...
who also served as the country's Finance Minister
Finance Minister of Pakistan
The Finance Minister of Pakistan heads the Ministry of Finance and serves in the Prime Minister's cabinet. The Minister is required to be a member of the Parliament.The current finance minister is Abdul Hafeez Shaikh...
in Yousaf Raza Gillani
Yousaf Raza Gillani
Yousuf Raza Gilani is the current prime minister of Islamic Republic of Pakistan. He was nominated as Prime Minister by the PPP, with the support of its coalition partners, Pakistan Muslim League , Awami National Party, Jamiat Ulema-e-Islam and Muttahida Qaumi Movement, on 22 March 2008...
-led government from 2008 to 2010. Appointed to this position as an adviser to the government on 7 October 2008, he was elected as a senator
Senate of Pakistan
The Senate of Pakistan is the upper house of the bicameral Parliament of Pakistan. Elections are held every three years for one half of the senate and each senator has a term of six years...
from Sindh on 27 July 2009, thereafter being elevated to the post of finance minister. Tarin resigned from the ministry on February 23, 2010 to "raise equity from the market for Silkbank," which while working at finance ministry was "a clear conflict of interest."
Before finance ministry, Tarin stayed as country manager of Citibank
Citibank
Citibank, a major international bank, is the consumer banking arm of financial services giant Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York...
and did tenures as head of Habib Bank, Union Bank
Union Bank
Union Bank was established in 1991 and had its headquarters in Karachi, Sindh, Pakistan. Prior to the merger with Standard Chartered Bank , it was Pakistan's eighth largest bank and had 65 branches in some 22 cities, about US$2 billion in assets, and about 400,000 customers.In 2006, Standard...
, Silkbank, and twice as chairman of Karachi Stock Exchange
Karachi Stock Exchange
The Karachi Stock Exchange or KSE is a stock exchange located in Karachi, Sindh, Pakistan. It is Pakistan's largest and oldest stock exchange, with many Pakistani as well as overseas listings. Currently located in Stock Exchange Building on Stock Exchange Road, in the heart of Karachi's Business...
.
Banking career
Shaukat Tarin is an ethnic PashtunPashtun people
Pashtuns or Pathans , also known as ethnic Afghans , are an Eastern Iranic ethnic group with populations primarily between the Hindu Kush mountains in Afghanistan and the Indus River in Pakistan...
born to an army doctor in Multan
Multan
Multan , is a city in the Punjab Province of Pakistan and capital of Multan District. It is located in the southern part of the province on the east bank of the Chenab River, more or less in the geographic centre of the country and about from Islamabad, from Lahore and from Karachi...
. He got his initial education from Army Cantonment schools all over Pakistan and later got his MBA from University of the Punjab
University of the Punjab
University of the Punjab , colloquially known as Punjab University, is located in Lahore, Punjab, Pakistan. The University of the Punjab is the oldest and biggest University of Pakistan. The University of the Punjab was formally established with the convening of the first meeting of its...
. He joined Citibank
Citibank
Citibank, a major international bank, is the consumer banking arm of financial services giant Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York...
in 1975 and remained with it for 22 years rising to become its country manager in Thailand
Thailand
Thailand , officially the Kingdom of Thailand , formerly known as Siam , is a country located at the centre of the Indochina peninsula and Southeast Asia. It is bordered to the north by Burma and Laos, to the east by Laos and Cambodia, to the south by the Gulf of Thailand and Malaysia, and to the...
.
In 1997, then-PM Nawaz Sharif
Nawaz Sharif
Mian Mohammad Nawaz Sharif is a Pakistani conservative politician and steel magnate who served as 12th Prime Minister of Pakistan in two non-consecutive terms from November 1990 to July 1993, and from February 1997 to October 12, 1999...
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
United Bank
United Bank Limited is one of the largest commercial banks in Pakistan having more than 1,100 online branches inside the country. Its 15 branches outside the country are in the United States of America, Qatar, UAE, Bahrain, and Republic of Yemen. It also has representative offices in Tehran,...
and Muhammad Mian Soomro
Muhammad Mian Soomro
Muhammad Mian Soomro is a Pakistani politician who has been the Chairman of the Senate of Pakistan since 2003. Soomro comes from a renowned political family of Sindh that has been active in public life since 1923...
at National Bank of Pakistan
National Bank of Pakistan
National Bank of Pakistan is one of the largest commercial bank operating in Pakistan. It has redefined its role and has moved from a public sector organisation into a modern commercial bank...
, were "successful in bringing the nationalised commercial banks (NCBs) back from virtual extinction." He left HBL in 2000 to join Union Bank
Union Bank
Union Bank was established in 1991 and had its headquarters in Karachi, Sindh, Pakistan. Prior to the merger with Standard Chartered Bank , it was Pakistan's eighth largest bank and had 65 branches in some 22 cities, about US$2 billion in assets, and about 400,000 customers.In 2006, Standard...
as its president. As the president of the Union Bank, Tarin was associated with the acquisition by Standard Chartered Bank
Standard Chartered Bank
Standard Chartered PLC is a multinational financial services company headquartered in London, United Kingdom with operations in more than seventy countries...
of a 95.37% interest in Union Bank in September 2006. The amount paid was $487 million, in cash.
Shaukat Tarin has also been elected twice as chairman of Karachi Stock Exchange
Karachi Stock Exchange
The Karachi Stock Exchange or KSE is a stock exchange located in Karachi, Sindh, Pakistan. It is Pakistan's largest and oldest stock exchange, with many Pakistani as well as overseas listings. Currently located in Stock Exchange Building on Stock Exchange Road, in the heart of Karachi's Business...
(KSE), the last one being in the year 2008.
Shaukat Tarin was a major stakeholder of SPCB and formed a consortium, along with senior banker Sadeq Sayeed
Sadeq Sayeed
Sadeq Sayeed is a prominent Pakistani-born banker and businessman. He was the executive vice chairman at Nomura Group. Sayeed was the chief negotiator for Nomura during its acquisition of the Europe, the Middle East and Africa assets of Lehman Brothers...
, International Finance Corporation
International Finance Corporation
The International Finance Corporation promotes sustainable private sector investment in developing countries.IFC is a member of the World Bank Group and is headquartered in Washington, D.C., United States....
(IFC), BankMuscat
BankMuscat
BankMuscat is the leading financial services provider in the Sultanate of Oman with a strong presence in Corporate Banking, Retail Banking, Investment Banking, Treasury, Private Banking and Asset Management...
, Nomura Holdings
Nomura Holdings
Nomura Holdings, Inc. is a Japanese financial holding company, and a principal member of the Nomura Group.In October 2008 the company acquired Lehman Brothers Holdings's investment banking and equities unit in Asia and Europe and kept on most of its employees. Nomura paid $225 million for the...
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 March 31, 2008.