PESHAWAR, Oct 17: The Bank of Khyber (BoK) would soon have new managing director as the NWFP government has decided to replace the sitting head of the BoK, according to sources.

The decision to replace the sitting MD, said the sources, was recently taken by the provincial government ‘due to various reasons’. However, some other banking sector sources said that induction of the new MD had been necessitated after the incumbent head of the BoK could not implement certain decisions taken by the provincial cabinet.

“The provincial cabinet,” said the sources “had assigned certain task pertaining to partly privatizing the provincial public sector entity, which the Bank’s top man could not implement.”

In line with the provincial government’s decision, the sitting BoK MD is to lose his job few months before his service contract gets lapsed in April or May 2003.

The sources even after seven months no progress had been made by the BoK MD towards the implementation of the government’s decision.

The sources said that the process for inducting new MD was already under way as five of the applicants have been short-listed by the provincial government and interviews had also been conducted last week.