Maybank Investment Bank Chief Zafrul Said to Resign to Join CIMB

Malayan Banking Bhd. (MAY)’s investment banking chief Zafrul Aziz resigned yesterday and will join CIMB Group Holdings Bhd. (CIMB), Malaysia’s second-largest bank, said two people with knowledge of the matter.

Zafrul will become a deputy chief executive officer and head of investment banking at CIMB, one of the people said, asking not to be named because the matter is private. Kuala Lumpur-based Maybank, the nation’s biggest lender, plans to release a statement as soon as today, the other person said.

Zafrul was CEO of Maybank Investment Bank Bhd. and Maybank Kim Eng Holdings Ltd. as well as acting global banking head at parent Maybank. The Straits Times reported the resignation earlier today.

Eliza Mohamed, head of corporate affairs for Maybank in Kuala Lumpur, and Josandi Thor, a spokeswoman at CIMB, didn’t immediately respond to requests for comment.

To contact the reporters on this story: Sanat Vallikappen in Singapore at vallikappen@bloomberg.net; Elffie Chew in Kuala Lumpur at echew16@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net

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