Malaysia's CIMB appoints new CFO after Q4 net profit slump
[KUALA LUMPUR] Malaysia's CIMB Group Holdings Bhd said it replaced its chief financial officer with his deputy, a few days after the bank reported its fourth-quarter profit fell 76 per cent due to a sharp increase in provisions and slower revenue growth.
In a stock market filing late on Monday, Malaysia's second largest lender by assets said Shahnaz Farouque Jammal Ahmad would replace chief financial officer Kenny Kim, who resigned from his post due to "leadership changes at the bank".
Mr Kim will now become an advisor to CEO Zafrul Aziz, a CIMB official said.
Mr Shahnaz, 40, was deputy CFO and head of capital and balance sheet management at CIMB, which is also Southeast's Asia fifth largest bank by assets.
CEO Zafrul is leading a review of CIMB's entire business in the Asia-Pacific region, aiming to cut costs in the investment banking and equities segment this year by 30 per cent.
The bank and two smaller lenders scrapped a merger last month that would have created the country's biggest bank by assets.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Great Eastern chairman appeals for patience as shareholders fume over share price ‘disaster’
S&P Global first-quarter profit beats estimates on strong product demand
Thai banks cut rate for some borrowers after push from PM
Money laundering accused who faces 22 charges to plead guilty on May 14
BNP Paribas beats estimates as lower costs offset trading slump
Japan brokerage Daiwa’s Q4 profit more than doubles as markets recover