KUALA LUMPUR: AMMB Holdings Bhd (AmBank Group) founder and chairman Tan Sri Azman Hashim, who is planning to retire as chairman and board member for six subsidiaries of the banking group by 2018, has assured that he will remain a substantial shareholder and continue to chair the holding company.

According to a filing with Bursa Malaysia yesterday, Azman will be relinquishing his leadership of AmMetLife Takaful Bhd (by end-February), AmBank Islamic Bhd (by end-April), AmMetLife Insurance Bhd (by end-December), AmGeneral Insurance Bhd (by end-December), AmBank (M) Bhd (by end-December 2018) and AmInvestment Bank Bhd (by end-December 2018).

“I am now planning the transition of my chairmanships and directorships of the operating entities within AmBank Group over the next two years, by which time I will also be nearing 80 years old,” said Azman, who has an indirect 12.97% stake in the group, in a letter to the group’s staff that was sighted by The Edge Financial Daily.

Azman said he has been considering reducing his job commitments and has already done so for his two listed companies — AmCorp Properties Bhd, where his daughter Shalina Azman is now the chair; and RCE Capital Bhd, where his son Shahman Azman has replaced him.

“I will continue to collaborate with the boards and management of the entities to enhance synergies among the business units, and to harmonise the group’s policies and strategic plans. The board and I will maintain our oversight and monitor the performance, activities and progress of the operating units,” he added.

In the bourse filing, AmBank Group said Azman is confident that now is the right time to initiate his planned transition at the operating entities as changes to the group’s senior management have been put in place.

“The board is appreciative and fortunate that he has agreed to remain in his role as chairman of AMMB,” it added, saying Azman has been a guiding force for the banking group over the last 35 years.

“He has been exemplary in his role as chairman of the respective entities. Indeed, this transition and succession planning is another testament to his foresight in strengthening the group’s growth in the decades to come.”

Azman was appointed to AmBank Group’s board on Aug 15, 1991, and has been leading the group since.

He has been in banking since 1960, when he joined Bank Negara Malaysia, where he served four years. He joined the board of Malayan Banking Bhd (Maybank) from 1966 to 1980, and was its executive director from 1971. He was the executive chairman of Kwong Yik Bank Bhd, a Maybank unit, from 1980 to April 1982, when he acquired AmInvestment Bank.