KUALA LUMPUR (Jan 27): AMMB Holdings Bhd (AmBank) said on Thursday (Jan 27) that Tan Sri Azman Hashim (pictured) will retire as its non-independent non-executive chairman, effective on March 31, 2022, after the end of AmBank’s financial year.

AmBank said in a bourse filing that Azman will continue to hold the position of chairman in multiple entities including the Asian Institute of Chartered Bankers, Asian Banking School Sdn Bhd, Financial Industry Collective Outreach, Malaysia South-South Corp Bhd, Malaysia-Japan Economic Association, Perdana Leadership Foundation, Malaysia South-South Association, Universiti Teknologi Malaysia – Azman Hashim International Business School Advisory Council and Chairman Emeritus of Pacific Basin Economic Council.

“Azman is one of Malaysia's doyens in the banking fraternity, having started off in the sector in the 1960s. With his strong entrepreneurial spirit, he has been the key driver of AmBank’s growth since 1982, from its origins as the Arab-Malaysian Development Bank with an initial staff of 200 and building it up to now, a financial conglomerate — AmBank — with over 9,000 staff,” AmBank said.

According to the statement, Azman has helmed AmBank through multiple shifts, both globally and locally, be it the economic crisis Malaysia faced in the 1980s triggered by the high interest rates in the US, the Asian Financial Crisis in the 1990s and the global financial crisis, which impacted Malaysia circa 2008/2009.

“I am honoured to have led this group over the last 40 years. It has been a rewarding experience, particularly my journey working alongside AmBankers as well as the many Malaysians who have trusted our group for the past four decades.

“To me, this is not just the AmBank, it is family. Our group has grown over the years and our success cannot be attributed to one person alone. I am pleased to be able to pass a formidable group to my future successor,” said Azman.

According to AmBank, the banking group would not be as successful as it is today if not for the pioneering spirit and single-mindedness of Azman.

“He has driven AmBank to great heights during his tenure and has built a strong foundation for the group to build on. AmBank continues to value Azman’s invaluable contributions and looks forward to Azman’s continued contribution of ideas and insights to the group as chairman emeritus/honorary adviser upon his retirement as chairman and member of the board. He remains a major shareholder of the group,” said AmBank.

“Azman’s foresight in drawing up the group’s succession plan since 2017 has enabled a formidable team to be put in place, to ensure the continued growth of the group. AmBank conveys its deepest appreciation and gratitude to Azman, for his trailblazing vision, his steady leadership and his unwavering dedication,” it said.

AmBank closed one sen or 0.3% lower at RM3.34 on Thursday, valuing the group at RM11.1 billion.