Maybank appoints new chief executive

MANILA, Philippines - Malayan Banking Berhad (Maybank) has named Datuk Abdul Farid bin Alias as the president and chief executive officer of Maybank, sans Dato’ Sri Abdul Wahid bin Omar, who joined the Malaysian government.

Datuk Farid, 45, has been Maybank deputy president and head of its global banking business since July 2010.

“The new chief executive will continue to sustain the recent momentum of the Maybank Group in its aspirations to be a leader in the financial services sector in our area of focus, the ASEAN region, enhancing further the strategic regionalization agenda, mindful of the tightening regulatory environment and keen competition to enable the group to provide superior returns to the stakeholders while keeping true to the mission of humanizing financial services,” Maybank said in a statement.

Meanwhile, Maybank Investment Bank Berhad and Kim Eng group of companies (Maybank Kim Eng), the investment banking and securities arm of Kuala Lumpur-based Malayan Banking Berhad (Maybank Group), has taken direct ownership of local investment banking subsidiary Maybank ATR Kim Eng Capital Partners Inc. (MATRKE Capital).

Maybank ATR Kim Eng Financial Corp. (MATRKE Financial) said that it has sold 8,649,980 common shares, or 100 percent, of its wholly-owned subsidiary, MATRKE Capital, to its principal shareholder which owns 89.75 percent of MATRKE Financial, Maybank Kim Eng Holdings Limited (MKEHL), at fair market value.

The sale is priced at P1.676 billion, or about $38 million.

“The acquisition of MATRKE Capital is part of the Maybank Kim Eng Group’s corporate rationalization and restructuring,” Manuel Tordesillas, MATRKE Financial president, said.  

MATRKE Capital owns stock brokerage firm Maybank ATR Kim Eng Securities Inc., funds manager ATR KimEng Asset Management Inc., and money broking affiliate Tullett Prebon (Philippines) Inc.