Corp News

Maybank confirms Rashdan to leave Group

15 March 2010

4 min read

Maybank today confirmed that Maybank Investment Bank (Maybank IB) Chief Executive Officer Mohammed Rashdan Mohd Yusof will leave the Group to take up a position at a national institution by June 2010.


Maybank IB is currently in the process of ensuring full compliance with applicable regulatory requirements following the letter of resignation received on March 12, 2010.


On his decision to leave the Group, Rashdan said, "The opportunity to serve the country is indeed a calling that one takes up, recognizing that it comes with higher responsibility and the ability for one to contribute to national growth interests. I leave Maybank with a sense of satisfaction that the Group's investment banking operations are in a stronger position today. We have built a capable IB team and I firmly believe that the good work will continue to prosper under the current leadership team. I am grateful to Maybank, particularly Dato' Sri Wahid for the experience I have had during my stint with Maybank Group."


The investment banking operations have benefited from the improving capital market environment, recording a 75% rise in total income for the half-year ended December 31, 2009, driven by a tripling in fee-based income, excluding gains from sale of investment in fixed income securities. Total revenue for the half-year increased by 29% to RM137.9 million while pre-tax profit jumped 157% to RM103.5 million from RM40.3 million previously.


Maybank Investment Bank also continues to move up in industry rankings reinforcing its position among the top investment banks in the country. It recently clinched the top spot in the MARC Lead Managers League Table 2009 for Number of Issues handled. It is also ranked second by market share in underwriting, fund raising and debt capital markets.


Maybank President and CEO Dato' Sri Abdul Wahid Omar said, "We wish Rashdan well for the future and would like to record our appreciation for his contribution to building new capabilities and resources into our investment banking group. A good team is in place at Maybank IB and with the solid support of the larger Maybank Group, we are confident that the performance uptrend will be sustained well."


Maybank has appointed Amirul Feisal Wan Zahir, currently Managing Director, Investment Banking Division, as Acting CEO in the interim period.


Maybank also wishes to clarify recent press reports on two senior executives and would like to announce the appointment of Abdul Rahman Md Khalid as Acting Chief Credit Officer to succeed Chief Credit Officer Jamaludin Nasir whose contract term expires in June 2010. Abdul Rahman began his career in Maybank over 30 years ago and has served in various capacities in Corporate Banking, Human Resources, Maybank Indonesia and Group Credit Management where his last held position was as Executive Vice President, Head of Credit Evaluation. Tracy Ong Guat Kee, Head, Corporate Banking, is seeking early retirement after 25 years of service. Her retirement takes effect 1 July 2010.