BUSINESS
Maybank’s Zafrul quits, could be CIMB No 2, says Straits Times report
A top Maybank officer has resigned in what is seen as not only a shake-up in Malaysia's biggest bank, but also a prelude to more resignations in the country's banking sector.
Tengku Zafrul Tengku Aziz, chief executive officer of Maybank Investment Bank and group chief executive of Maybank Kim Eng, reportedly submitted his resignation yesterday, according to Singapore daily The Straits Times.
The paper said Tengku Zafrul is now set to join Maybank's competitor, CIMB Group – headed by Datuk Seri Nazir Razak, the brother of Malaysian Prime Minister Najib Razak – in a move which will see him "take over from Mr Nazir in three years".
"Mr Zafrul's resignation will shock the financial sector. He was instrumental in landing big investment deals and beefing up Maybank's weak links in corporate advisory and corporate finance," the daily reported.
Speculation that Tengku Zafrul would be recruited by CIMB came as a senior executive of the bank's investment division, Charon Wardini Mokhzani, quit yesterday to join government investment arm Khazanah Nasional.
The Straits Times further said that Tengku Zafrul was unhappy with the delay in confirming him as Maybank's head of global banking.
Tengku Zafrul is the second key figure in Maybank to resign this month, after Khairussaleh Ramli who quit as head of Maybank's Indonesian unit PT Bank Internasional Tbk.
"Banking sources suggest a few more resignations, particularly from the investment banking and stockbroking operations in Malaysia, Thailand, the Philippines and Indonesia, may follow," the report added. - September 24, 2013.
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