KUALA LUMPUR (Feb 2): Alliance Bank Malaysia Bhd (Alliance Bank) has appointed Tan Sri Ahmad Mohd Don as its new chairman and independent non-executive director.

The appointment took effect yesterday (Feb 1), said Alliance Bank in a statement filed with Bursa Malaysia today by its parent, Alliance Financial Group Bhd (AFG).

Ahmad has extensive experience in finance and banking, after having worked in various capacities with Pernas Securities Sdn Bhd, Permodalan Nasional Bhd and Malayan Banking Bhd (Maybank).

Besides having served as chief executive of Maybank from 1991 to 1994, he was also governor of Bank Negara Malaysia between May 1994 and August 1998.

Currently, Ahmad is chairman of the boards of Zurich Takaful Bhd, Zurich Insurance Malaysia Bhd, Hap Seng Plantations Holdings Bhd, and Sunway REIT Management Sdn Bhd.

"He also holds directorships on the boards of United Malacca Bhd and MAA Group Bhd," said Alliance Bank.

A summa-cum-laude graduate in economics and business from the Aberystwyth University, UK, Ahmad is also a fellow of the Institute of Chartered Accountants in England and Wales and a Member of the Malaysian Institute of Certified Public Accountants, it added.

AFG shares slid one sen or 0.27% to settle at RM3.75, giving it a market capitalisation of RM5.75 billion. Over the last one year, the stock has appreciated near 15%.