KUALA LUMPUR (Oct 26): Affin Bank Bhd has announced the appointment of Datuk Syed Mashafuddin Syed Badarudin as the new chief executive officer of Affin Islamic Bank, effective Nov 8.

This confirms The Edge weekly's report for the week of Oct 3-9, citing industry sources, that Syed Mashafuddin, who is said to have recently resigned as CEO of Principal Islamic Asset Management Sdn Bhd, will join the group to helm Affin Islamic.

Syed Mashafuddin has more than 25 years’ experience in the financial sector.

He started his career in the corporate finance department of Commerce International Merchant Bankers Bhd back in 1997.

In 2002, he went on to serve its investment banking department where he was involved in numerous fund-raising exercises, restructurings, mergers and acquisitions.

“Datuk Paduka Syed brings with him a wealth of experience especially in the areas of corporate banking and Islamic finance and this will put him in great position to drive Affin Islamic’s operations and business moving forward,” Affin Bank president and group CEO Datuk Wan Razly Abdullah commented on Wednesday.

“I have no doubt he will bring a fresh perspective to lead Affin Islamic as we embark on our A25 strategic plan and continue with our mission to provide unrivalled customer experience and digital leadership,” Wan Razly said in a statement.

Affin Bank shares closed up two sen or 0.9% to RM2.24 on Wednesday, giving the banking group a market capitalisation of RM4.97 billion. Year-to-date, the counter has risen 29.48%.

Read also:
Cover Story: Knocking Affin Bank into shape