Three quit Maybank Investment Bank

by **Cals** Wed 25 Sep 2013, 17:10

Published: Wednesday September 25, 2013 MYT 12:00:00 AM
Updated: Wednesday September 25, 2013 MYT 2:28:19 PM
Three quit Maybank Investment Bank
BY B. K. SIDHU
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PETALING JAYA: Malayan Banking Bhd (Maybank) is in a flux after two of its chief executive officers (CEOs) of key subsidiaries resigned in quick succession, raising questions over succession planning at the country’s largest bank.
Maybank announced yesterday that Tengku Datuk Zafrul Tengku Abdul Aziz had quit as CEO of Maybank Investment Bank Bhd (Maybank IB), his departure coming just weeks after Datuk Khairussaleh Ramli had resigned as president director of PT Bank Internasional Indonesia on Sept 4.
Following Tengku Zafrul out of the door at Maybank IB are chief strategy officer Nazri Rahim and director of special projects Luanne Sieh.

The departure of both Khairussaleh and Tengku Zafrul would mean that two of the bank’s key business divisions were now facing a leadership shake-up, and speculation is rife that several others would follow suit.
Tan Sri Megat Zaharuddin Megat Mohd Nor, the chairman of MayBank IB, confirmed that Tengku Zafrul had resigned and named John Chong, who is currently deputy CEO of Maybank IB and the head of investment banking and advisory for its Malaysia operations, as the interim officer-in-charge of Maybank IB and Maybank Kim Eng.
While Maybank now has to scout around for a new head for its investment banking unit, its rival CIMB Group Holdings Bhd has been quick to get Tengku Zafrul to fill in the vacancy left by Datuk Charon Wardini Mokhzani as CIMB Group deputy CEO, investment banking, and CEO of CIMB Investment Bank Bhd. An announcement on his appointment is expected.
Charon Wardini resigned from CIMB Group two days ago to join Khazanah Nasional Bhd on Nov 6 as its executive director, managing director’s office.
Yesterday was Tengku Zafrul’s last day at Maybank IB. He will take a three-month break before joining CIMB Group in January, those in the know claimed. They said Tengku Zafrul would take over Charon Wardini’s position, assuming all the roles and responsibilities.
As for Khairussaleh, speculation is that he would be joining RHB Bank Bhd as its CEO. While succession planning remains an issue in the banking industry, the departure of Tengku Zafrul and Khairussaleh has created ripples within Maybank.
Although Khairussaleh and Tengku Zafrul’s positions have been filled by interim officers-in-charge, replacing them might not be as easy.
“With a lack of clarity over his future at Maybank and with CIMB looking for a replacement for Charon Wardini, the move to recruit Tengku Zafrul was quickly made and accepted. He had also shared a mentor-like relationship with Datuk Seri Abdul Wahid Omar, but that is no longer there since the latter left Maybank. The departure of Tengku Zafrul and Khairussaleh is a loss to Maybank, but to them, they see better opportunities of scaling their careers elsewhere,” said someone in the know.
Tengku Zafrul and Khairussaleh were also one of the two candidates among those interviewed by the board to take over from Abdul Wahid, the former Maybank president and CEO, who left to join the Government. The Maybank board, after a lengthy process, eventually decided on Maybank’s deputy president and head of global wholesale banking Datuk Abdul Farid Alias as its new president and CEO.
Khairussaleh had been a long-time lieutenant of Abdul Wahid, subscribing to the new direction crafted by him and the board, which brought much-needed dynamism to Maybank.
As for Tengku Zafrul, there is talk that he would be groomed as part of the succession planning at CIMB Group. He is said to be one of the five internal candidates that have been identified as part of the group’s succession planning programme.
“But there is no timeline for that,” said a senior source at CIMB.
Maybank had for years been searching for the right candidate to lead the change in investment banking against CIMB before eventually landing Tengku Zafrul fromKenanga Investment Bank.
Tengku Zafrul built the investment banking business at Maybank to a point where it proved to be a capable challenger to CIMB’s dominant position. Maybank last year had topped the league table in the bond market, securing billions of ringgit worth of investment banking jobs.
Continuing the legacy at CIMB Tengku Zafrul is set to maintain the groups dominant position