The Business Times

Malaysia's CIMB appoints new CFO after Q4 net profit slump

Published Tue, Mar 3, 2015 · 03:33 AM
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[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.


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