KUALA LUMPUR: Chief executive officer of Maybank Investment Bank Tengku Datuk Zafrul Aziz is said to have tendered his resignation to join rival CIMB Group.
A source told Business Times Tengku Zafrul is joining the country's second largest lender as its deputy CEO.
Tengku Zafrul could not be reached for comments.
Maybank IB is the fully-owned investment banking arm of Malayan Banking Bhd, Malaysia's top financial services player.
Tengku Zafrul joined the firm on June 21 2010. The acquisition of Kim Eng Holdings Limited (Kim Eng) by the Maybank Group in 2011 resulted in the new combined entity of Maybank IB and Kim Eng, known regionally as Maybank Kim Eng, of which Tengku Zafrul is also the CEO.
The speculation on Tengku Zafrul emerges after CIMB Group announced yesterday its group deputy CEO, investment banking and CEO of CIMB Investment Bank Bhd Datuk Charon Wardini Mokhzani has resigned.
He also served as chairman of CIMB Principal Asset Management, CIMB Wealth Advisors and CIMB-Mappletree Management Sdn Bhd.
"We thank Charon for successfully leading and growing our investment banking business over the last 10 years. He has kept CIMB at the top of its game in Asean and guided the franchise to its enviable position as Asia-Pacific's ex Japan's largest investment bank.
"We respect his wish for a new career challenge with Khazanah," said CIMB Group chief executive Datuk Seri Nazir Razak.
Nazir will assume the role of head of investment banking on a temporary basis, said a CIMB statement.