MBSB appoints Shahnaz Farouque as new GCFO

Shahnaz Farouque Jammal Ahmad

PETALING JAYA: Malaysia Building Society Bhd (MBSB) has appointed Shahnaz Farouque Jammal Ahmad its new group chief financial officer (GCFO), effective June 1.

In a statement, MBSB said Shahnaz brings over 20 years of extensive banking experience, with a distinguished career that includes roles such as chief executive officer of group wholesale banking at CIMB Group and chief financial officer of CIMB Group.

“Most recently, he served as group CFO at TIME Dotcom Bhd. His expertise spans across various domains including mergers and acquisitions advisory, risk advisory, trading, risk management, corporate and investment banking, and finance.

“As GCFO, Shahnaz will be instrumental in steering the financial strategy of the enlarged MBSB Group, with a focus on identifying opportunities within the group’s diverse portfolio in maximising returns.”

MBSB said a key objective under Shahnaz’s leadership will be improving the group’s profitability, including a strategic focus on increasing CASA (current account and savings account) to reduce funding costs and improve the group's financial position.

Shahnaz succeeds Ramanathan Rajoo, 61, who will transition into the role of special advisor on June 1, said MBSB.