PETALING JAYA: It is business as usual for Standard Chartered Malaysia (StanChart) after the bank announced that Mak Joon Nien will step down from his role as chief executive officer (CEO) and coverage head, after nearly 30 years with the lender.
A StanChart spokesperson told StarBiz that the succession process has allowed for an immediate interim appointment, and an announcement of the permanent successor will follow in due course.
On Monday, the banking group said Mushahid Syed had been appointed interim CEO and head of coverage, Malaysia effective May 8, in addition to his current role as chief financial officer, Malaysia, while Mak will step down from his roles after nearly 30 years with StanChart to “pursue an external opportunity”.
Mak will also step down from the boards of Standard Chartered Malaysia Bhd and Standard Chartered Saadiq Bhd, as well as his other board roles across StanChart-affiliated entities.
He said as interim CEO and head of coverage, Malaysia, Mushahid will assume overall leadership of the Malaysia franchise and will continue to work closely with the corporate and investment banking team, providing leadership and continuity across the business.
“Our Malaysia franchise is an important market for the group and continues to perform strongly across both businesses. We remain committed to growing our business here, just as we have over the last 150 years.”
The spokesperson said under Mak’s helm, 2025 will be a record year for StanChart in terms of income.
“He led the bank through several milestones in Malaysia, including its 150th anniversary, where we celebrated our strong roots in the Malaysian economy as a major partner for trade, economic growth, and corporate business.
“Under his helm, StanChart was the first bank in Malaysia to explore the development of the first-ever ringgit-denominated stablecoin issued by a financial institution, together with Capital A – a move that aligned with the bank’s strategy of making digital assets a permanent part of the future of financial services.”
StanChart dove deep into the push for Islamic finance and sustainability, including its first sustainability-linked commodity murabahah-structured financing, a sustainable account solution for corporates in Malaysia, and preferential rates for the sustainable financing of certified properties, the spokesperson added.
He also said with key strengths in corporate and investment banking, Mak oversaw stronger client coverage and stakeholder relationships across large corporates, multinationals and financial institutions, as well as saw the bank consistently receiving multiple top-tier transaction banking and treasury awards under the Asset Triple A Treasuries Awards.
Under his leadership, the bank had also enhanced the profile of the country through coordinating dialogues, investor roadshows and others, not just within but also outside of Malaysia, he added.
