Malaysia's CIMB appoints new CFO after Q4 net profit slump

Malaysia's CIMB Group Holdings said it replaced its chief financial officer with his deputy a few days after the bank reported its fourth-quarter profit fell 76 per cent. -- PHOTO: REUTERS
Malaysia's CIMB Group Holdings said it replaced its chief financial officer with his deputy a few days after the bank reported its fourth-quarter profit fell 76 per cent. -- PHOTO: REUTERS

KUALA LUMPUR (Reuters) - Malaysia's CIMB Group Holdings said it replaced its chief financial officer with his deputy a few days after the bank reported its fourth-quarter profit fell 76 per cent due to a sharp increase in provisions and slower revenue growth.

In a stock market filing late on Monday, Malaysia's second largest lender by assets said Shahnaz Farouque Jammal Ahmad would replace chief financial officer Kenny Kim, who resigned due to "leadership changes at the bank".

Shahnaz, 40, was deputy CFO and head of capital and balance sheet management at CIMB.

In a surprise move, CIMB on Monday cut 15 jobs in Singapore, considered one of its core markets, the Business Times reported. One of those let go was reported to be Mr Song Seng Wun, regional economist of CIMB Securities.

BT said the move was aimed at cutting costs amid a waning stockbroking business and dearth of merger and acquisition deals in the region. CIMB has axed 50 jobs elsewhere in Asia, namely in Hong Kong, Taiwan, South Korea and India.