Samba Bank Limited has announced the resignation of Mustafa Ilyas from its Board of Directors, where he served as Non Executive Director and Chairman. The listed bank disclosed the development through a notice submitted to the Pakistan Stock Exchange (PSX) on Monday, stating that Ilyas resigned from the office of the Board of Directors with effect from August 16, 2026. His departure marks the end of his tenure as chairman of Samba Bank, a position he had held since October 2022.
According to the notice issued by Samba Bank, Mustafa Ilyas resigned from both his position as Non Executive Director and his role as Chairman of the bank. The resignation became effective on August 16, 2026. The bank disclosed the change in its board composition through the required notification to the Pakistan Stock Exchange, providing shareholders and the market with information regarding the change in its leadership structure.
Ilyas had served as Chairman of the Board of Directors of Samba Bank since October 27, 2022. During his tenure, he held a senior governance position within the bank and was responsible for serving as chairman of its Board of Directors. His resignation brings his tenure in the position to an end after almost four years. The bank’s latest notification did not provide details regarding the reason for his resignation or indicate who would succeed him as chairman.
Before joining the leadership of Samba Bank, Ilyas had a lengthy professional career at PwC, where he worked for more than 17 years. The majority of his professional experience at the firm was focused specifically on the banking sector. His work provided him with extensive exposure to financial institutions and banking related matters, while the earlier part of his career at PwC focused on external audit services for listed companies.
His professional background includes expertise developed through his work with financial institutions and listed companies. His experience in external auditing provided exposure to corporate financial reporting and governance requirements, while his later focus on the banking sector gave him extensive experience within the financial services industry. This background preceded his appointment to the Board of Directors and eventual chairmanship of Samba Bank.
Mustafa Ilyas is a Chartered Accountant and a member of the Institute of Chartered Accountants in England & Wales in the United Kingdom. His professional qualifications include an accounting and financial reporting background, complemented by his extensive experience in the banking sector. These qualifications have formed part of his professional profile throughout his career in financial services and corporate governance.
Ilyas also holds a Master of Engineering degree from the Imperial College of Science, Technology and Medicine in London. His academic background combines engineering with professional qualifications in accountancy, providing a multidisciplinary foundation alongside his more than 17 years of experience at PwC and subsequent work in banking leadership.
Samba Bank’s notification did not disclose further information concerning the circumstances surrounding Ilyas’s resignation. It also did not announce the appointment of a replacement chairman in the notice regarding his departure. Any subsequent changes to the Board’s leadership structure would be subject to further disclosures by the bank and the applicable corporate and regulatory requirements.
The resignation represents a change in the leadership of Samba Bank’s Board of Directors following Ilyas’s tenure as chairman since October 2022. His departure was formally communicated to the Pakistan Stock Exchange after becoming effective on August 16, 2026, bringing an end to his service as Non Executive Director and Chairman of Samba Bank Limited.
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