KUALA LUMPUR (April 9): AMMB Holdings Bhd's (KL:AMBANK) group chief financial officer Shafiq Abdul Jabbar is stepping down “to pursue other professional opportunities”, the banking group said in a bourse filing on Wednesday.

Industry sources say Shafiq is headed to Malayan Banking Bhd (KL:MAYBANK), the country's largest banking group by assets, to take on the role of the group CFO.

“He is supposed to take over [former group CFO] Khalijah Ismail’s role,” a source told The Edge.

Maybank declined to comment when contacted.

Shafiq’s resignation from AMMB, the country’s sixth largest banking group by assets, will take effect from July 1, but he will be on garden leave starting from April 10.

For now, AMMB group chief executive officer Jamie Ling will oversee the group’s finance function, while the search for a new group CFO is underway. Ling was formerly AMMB’s group CFO.

Shafiq has been with AMMB for a relatively short period, having joined as its group CFO on Feb 15 last year. He was formerly the group CFO of pay-TV provider Astro Malaysia Holdings Bhd (KL:ASTRO). He has also previously served as the group financial controller and CFO of CIMB Bank Bhd.

Maybank had, just two months ago, announced the unexpected and immediate departure of its group CFO Khalijah. In a stock exchange filing on Feb 17, it said her departure followed “an internal inquiry by the bank”, but did not elaborate.

Maybank later told analysts that Khalijah’s termination was a result of non-compliance with the bank's internal requirements and processes, without providing details. It, however, made clear that there were no financial losses suffered from this development.

Khalijah, who categorically denied any wrongdoing, has said she will take legal action against the bank’s decision.

At the market close on Wednesday, AMMB’s share price closed 26 sen or 4.89% lower at RM5.05, valuing the lender at RM16.74 billion. Meanwhile, Maybank lost 38 sen or 3.85% to close at RM9.50, valuing it at RM114.77 billion.