Abdul Farid to step down upon expiry of contract

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KUALA LUMPUR: Malayan Banking Bhd (Maybank) group president and chief government officer (CEO) Datuk Seri Abdul Farid Alias will step down from his place as soon as his contract expires to pursue his personal pursuits.

In a submitting with Bursa Malaysia, the financial institution stated Abdul Farid, who has held the place as group president and CEO since Aug 2, 2013, indicated that he wouldn’t search a renewal of his contract following the conclusion of his third time period.

The contract is ready to expire on Aug 1, 2022.

To guarantee a easy management transition, Maybank chairman Tan Sri Zamzamzairani Mohd Isa stated Abdul Farid would proceed to oversee the administration and operations of Maybank till the successor assumes the place.

“Although we are disappointed that Abdul Farid has decided not to renew his contract, the board respects his decision and on behalf of the group, I thank him for his remarkable contributions, service and commitment in building a forward looking organisation that has been ahead of many of its regional peers, especially on the digital and sustainability front,” he added.

To ensure a smooth leadership transition, Maybank chairman Tan Sri Zamzamzairani Mohd Isa said Abdul Farid would continue to oversee the management and operations of Maybank until the successor assumes the position.To guarantee a easy management transition, Maybank chairman Tan Sri Zamzamzairani Mohd Isa stated Abdul Farid would proceed to oversee the administration and operations of Maybank till the successor assumes the place.

Abdul Farid started his banking profession in Aseambankers, a subsidiary within the Maybank Group in January 1992 earlier than broadening his expertise with Schroders, Malaysia International Merchant Bankers, JP Morgan and Khazanah Nasional Bhd.

He re-joined Maybank in January 2009, holding a number of key enterprise positions together with as the pinnacle of worldwide enterprise and deputy president and head for international banking earlier than his appointment as group president and CEO.

Moving ahead, Zamzamzairani stated the method to determine a brand new group president and CEO is underway, which is led by the nomination and remuneration committee of the board.

“The board is currently undertaking a robust review and assessment process to identify a suitable replacement for Abdul Farid, which includes assessing internal and external candidates.

“The new appointee will be announced once we have submitted and obtained the necessary regulatory approvals for the appointment,” he added.

In the 9 months ended September 2021, Maybank registered a internet revenue of RM6.04bil, which represents a 22.16% year-on-year (y-o-y) improve from RM4.94bil a 12 months earlier.

Revenue, then again, dropped by 10.53% y-o-y to RM34.7bil from RM38.79bil within the earlier corresponding interval.

“The group recorded a net operating income of RM19.15bil, a 3.8% rise from a year earlier on the back of higher net fund-based income which rose by 15.5% y-o-y to RM14.22bil.

“Net impairment losses decreased by 28.3% to RM2.56bil from RM3.57bil a year earlier, as the group benefitted from its earlier prudent stance in accelerating its forward looking assumption provisioning,” in accordance to Maybank.

As at Sept 30, Maybank’s complete group gross loans grew 4% y-o-y, lifted primarily by will increase of 11.3% and a couple of.2% in its Singapore and Malaysia operations, respectively, whereas the Indonesia operations noticed a 9.9% decline.

Meanwhile, its complete deposits expanded 2.8%, primarily led by the 4.1% progress in Malaysia. However, this was mitigated by a lower of 5.7% and 12.9% in Singapore and Indonesia, respectively.

Asset high quality improved because the group’s gross impaired loans (GIL) ratio declined to 1.93% in September 2021 from 2.35% in September 2020.

“Maybank continued with its strategy to maintain robust capital and liquidity positions, with its CET1 capital ratio at 14.24%, and total capital ratio at 18.21% as at Sept 30, making it one of the best capitalised banks in the region.

“The group’s liquidity coverage ratio stood at a healthy 138.1%, way above the regulatory requirement of 100%,” it stated.



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