PESHAWAR, Oct 5: Bank of Khyber (BoK) managing director Syed Iqbal Asharaf has quit after developing serious differences with members of the board of directors, officials told Dawn on Friday.

He resigned from his post on Thursday and his resignation was ‘readily’ accepted by the provincial government the same day. Formal notification of his replacement was issued on Friday.

The NWFP chief minister had approved Mr Asharaf’s resignation and appointed Qazi Munirul Haq, a senior executive of the bank, in his place on temporary basis, the officials said.

Sources at the finance department said that the outgoing managing director had developed differences with the bank management and members of the board on some professional issues.

When contacted Mr Asharaf confirmed that he had differences with the senior management purely on some operational matters. He, however, refused to disclose the reasons. He said he was in contact with his legal adviser and would make the reasons public after his advice.

Mr Asharaf joined the bank on Sept 21 last year when his predecessor Dr Munirul Haq left the post in the same fashion after developing differences with senior bank executives.