UPDATE 1-Malaysia's CIMB hires ex-Maybank exec to head investment bank
KUALA LUMPUR Dec 27(Reuters) - Malaysia's second largest bank CIMB Group Holdings has hired Tengku Zafrul Aziz, former head of investment banking at the country's biggest lender Maybank, as it expands its financial dealmaking reach in Southeast Asia.
The region is a bright spot for M&A deals and IPOs despite volatile markets and shaky global economic growth, with both Maybank and CIMB fighting to win new business.
The banks dominate dealmaking in Malaysia, home to Southeast Asia's three biggest IPOs on record, including last year's $3.2 billion listing of palm oil firm Felda Global Ventures .
Tengku Zafrul, who led Maybank's $1.4 billion purchase of regional brokerage Kim Eng in Singapore and doubled earnings from its investment bank, will take on the role as head of investment banking for CIMB.
"He has a proven record in investment banking in Malaysia and ASEAN. He now has the opportunity to spearhead the largest indigenous APAC ex-Japan IB franchise to greater heights," chief executive of CIMB Nazir Razak said in a statement.
Tengku Zafrul, who was with Maybank for three years, resigned earlier this year as chief executive officer of Maybank Investment and Maybank Kim Eng after losing the race to become the Maybank CEO. (Reporting by Al-Zaquan Amer Hamzah; Writing by Niluksi Koswanage; Editing by Michael Urquhart)
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