Azman Hashim to retire from AmBank, other AMMB group units

KUALA LUMPUR: Banking icon Tan Sri Azman Hashim plans to retire as chairman and member of the board of directors of six operating entities in the AMMB group over the next two years.

Announcing its directorship/chairmanship transition to Bursa Malaysia, financial services group AMMB Holdings Bhd said its chairman, who turns 78 this year, would retire from major subsidiaries such as its commercial and retail banking arms -- AmBank (M) Bhd and AmBank Islamic Bank -- and investment banking arm AmInvestment Bank Bhd.

For this year, he plans to step down from AmMetLife Takaful Bhd (by end-February), AmBank Islamic Bhd (by end-April), AmMetLife Insurance Bhd and AmGeneral Insurance Bhd (by end-December).

By the end of next year, Azman is scheduled to retire from AmBank (M) and AmInvestment Bank.

“Having put in place changes to the senior management of the group and as AMMB and its operating entities begin their next phase of growth and development, Tan Sri Azman is confident that it is now the right time for him to initiate the planned transition of the chairmanship at the respective operating entities,” said AMMB.

Azman will, however, remain as chairman of AMMB, the holding company, where he has held the position since August 1991. He will focus on strategic initiatives to strengthen the group.

“The board is appreciative and fortunate that he has agreed to remain in his role as chairman of AMMB.

“Over the last 35 years, Tan Sri Azman has been a guiding force in building the group to what it is today. He has been exemplary in his role as chairman of the respective entities. Indeed, this transition and succession planning is another testament of his foresight in strengthening the group’s growth in the decades to come,” the company said.

Azman has been in the banking industry since 1960 when he joined Bank Negara where he served until 1964.

He then practised as a chartered accountant in Azman Wong Salleh and Co from 1964 to 1971.

Azman was on the board of Malayan Banking Bhd (Maybank) from 1966 until 1980 (as executive director from 1971 to 1980).

He was executive chairman of Kwong Yik Bank Bhd, a Maybank subsidiary, from 1980 until April 1982 when he acquired AmInvestment Bank Bhd.