M and A
As Malaysian Three-Way Bank Merger Falters, Firms Change Senior Management - Media
Two Malaysian banking groups are reshuffling senior management after a planned three-way merger fell through a few weeks ago, reports said.
The Malaysian banking groups CIMB Group and RHB Capital
have changed their top management after a three-way
merger with Malaysia Building Society, which would have created a
major player in the region, collapsed a few weeks ago, media
reports said.
On 14 January, the three banks announced that their planned
merger had been called off.
RHB announced that Kellee Kam had resigned, media reports said.
The RHB Capital corporate website made no mention of the
resignation and the organisation could not be contacted at the
time of this publication going to press.
On 6 February, Lee Kok Kwan, CIMB’s chief executive for corporate
banking, treasury and markets, was said to be stepping down to
advise the group CEO and also become a board member. Kenny Kim,
chief financial officer and CEO of group strategy at that firm,
stepped down to become an advisor.
To see the story about the three-way merger, and its possible
impact on Malaysian banking,
see here.
