Ambank's group MD steps down

Kuala Lumpur: AMMB Holdings Bhd (AmBank Group) said Ashok Ramamurthy will step down as group managing director in due course.Ramamurthy will rejoin his family in Melbourne as part of a planned transition that will see him resume his career in a senior executive role at Australia and New Zealand Banking Group Ltd (ANZ).

Ramamurthy joined AmBank Group from ANZ in 2007 as chief financial officer and has been the group managing director since 2012.

"AmBank Group has made significant progress under Ashok's leadership," chairman of AmBank Group Tan Sri Azman Hashim said in a statement.

"This includes repositioning the AmBank brand internally and externally, upgrading our technology infrastructure and strengthening our strategic position.

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"The group has a very bright future and on behalf of the Board, I want to thank Ashok for his contribution over the past eight years," he said.

Nonetherless, Azman said that Ashok will remain in charge of AmBank Group until a proper transition is made to the new group MD.

"Importantly, Ashok's presence has also deepened the ties between AmBank Group and ANZ which continues to be a committed, long-term strategic partner for our bank.

"After eight years with AmBank Group, we are now at a natural point for a transition to a new Group Managing Director and the Board has kicked off a process of identifying a replacement."

Ramamurthy said it has been a great privilege to be AmBank Group's MD over the past three years.

"Malaysia has been a wonderful place to live and work, and it has been an honour to led a first class management team and AmBank Group's 12,000 staff who are dedicated to supporting our customers.

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"It has always been my intention to return to Melbourne to be with my wife and family and to resume my career at ANZ. Although there is still much to do over the coming months, I want to thank the chairman and the board for their continuing support," he said.

In a related development, Ambank Group said the managing director of Wholesale Banking, Coverage, Pushpa Rajadurai; MD, Wholesale Banking, Products, Kok Tuck Cheong; and group chief financial officer, Mandy Simpson, have existing contracts and are continuing to serve the group in accordance with these contracts as normal.

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