KUALA LUMPUR (Sept 13): CIMB Group Holdings Bhd announced today that CIMB Islamic Bank Bhd CEO and Group Islamic Banking CEO Rafe Haneef will be made Group Transaction Banking CEO effective Oct 1.

“Since joining CIMB, Rafe has successfully institutionalised the dual banking model, leveraging on the conventional banking business to expand CIMB’s Islamic business,” the group said in a statement.

Replacing Rafe will be Ahmad Shahriman Mohd Shariff who has 16 years’ worth of professional experience, having headed various positions at several global financial institutions, as well as covering Islamic banking and Islamic structuring in the Asia Pacific region.

Meanwhile, Victor Lee Meng Teck, the CEO of Group Commercial Banking, will take on an additional role as Country Head Singapore and CEO of CIMB Bank Singapore, effective Jan 1, 2020.

The current Country Head Singapore and CEO of CIMB Bank Singapore, Mak Lye Mun, will be retiring on Dec 31. Mak will, however, remain in the group as an advisor to Group CEO Tengku Datuk Seri Zafrul Aziz.

Lee has more than 20 years’ experience in retail and commercial banking across Singapore, Malaysia, Thailand and Indonesia, CIMB Group said.

“In his new advisory capacity, he will continue to provide strategic inputs, specifically in Wholesale Banking, to further strengthen CIMB’s presence and franchise in Singapore,” the group said.

It added that the changes were part of its long-term strategy to ensure its franchise continues to remain strong in a “fast-evolving and challenging operational landscape”.

“I am confident that this change in our top management, combining existing and fresh talent, will fortify our leadership bench strength through mobility and exposure to different lines of businesses,” Zafrul said in the statement.

“This will enable the group to stay competitive as a leading Asean multinational,” he added.

CIMB Group’s share price closed two sen or 0.4% higher at RM5.02, giving the group a market capitalisation of RM48.83 billion. The counter saw 8.69 million shares changing hands.