Maybank confirms Tengku Zafrul quits as investment banking head (update)

by **Cals** Tue 24 Sep 2013, 12:57

Published: Tuesday September 24, 2013 MYT 11:35:00 AM
Updated: Tuesday September 24, 2013 MYT 12:40:57 PM
Maybank confirms Tengku Zafrul quits as investment banking head (update)
BY B.K. SIDHU
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KUALA LUMPUR: Maybank Investment Bank (Maybank IB) has confirmed that Tengku Datuk Zafrul Tengku Abdul Aziz has resigned as CEO after a three-year tenure.

Chairman of Maybank IB, Tan Sri Megat Zaharuddin Megat Mohd Nor said in a statement on Tuesday that Zafrul “has chosen to seek pastures anew and we feel confident that the foundation laid have made the Maybank Kim Eng franchise strongly competitive across the region”.

Megat Zaharuddin said John Chong, who is currently deputy CEO of Maybank IB and head of investment banking & advisory for its Malaysia operations will assume the role as interim officer-in-charge of Maybank IB and Maybank Kim Eng.

Earlier, StarBiz reported that Zafrul had resigned from Maybank IB, based on an internal memo issued by the bank.

It is not clear where he is headed but reports have said he may be headed for CIMB Group Holdings Bhd.

Tengku Zafrul joined Maybank as its investment bank CEO in June 2010, and was later appointed as group CEO of Maybank Kim Eng.

He is the second top executive to leave the banking group after Datuk Khairussaleh Ramli, who resigned as Maybank president director of Bank Internasional Indonesia TBK on Sept 4.
Below is the earlier story:
KUALA LUMPUR: Maybank Investment Bank (IB) announced today that its CEOTengku Zafrul Tengku Aziz has resigned from the company.
"We are thankful to Tengku Zafrul for his contributions during his three-year tenure in Maybank IB which included the integration of Kim Eng Securities into the group," said Maybank IB chairman Tan Sri Megat Zaharuddin Megat Mohd Nor.
"He has chosen to seek pastures anew, and we feel confident that the foundation laid have made the Maybank Kim Eng franchise strongly competitive across the region."
The chairman also announced that John Chong, deputy CEO of Maybank IB and head of investment banking and advisory, will take charge as interim officer-in-charge of Maybank IB and Maybank KE.
Tengku Zafrul joined Maybank as its investment bank CEO in June 2010, and was later appointed as group CEO of Maybank Kim Eng. He is the second top executive to leave the banking group after Datuk Khairussaleh Ramli resigned as president director of PT Bank Internasional Indonesia TBK on Sept 4.