MBSB president-CEO Ahmad Zaini to lead Asian Finance Bank as CEO

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KUALA LUMPUR (Feb 9): Malaysia Building Society Bhd (MBSB) has appointed its president and chief executive officer (CEO) Datuk Seri Ahmad Zaini Othman as the CEO of newly-acquired Asian Finance Bank Bhd (AFB).

Apart from Ahmad Zaini, MBSB said in a Bursa Malaysia filing that its chairman and non-independent non-executive director (NINED) Tan Sri Abdul Halim Ali will assume the same position in AFB as well.

MBSB also announced the appointment of Sazaliza Zainuddin as AFB’s NINED, and Aw Hong Boo, Lynette Yeow Su-Yin and Dr Tunku Alina Raja Muhd Alias as independent non-executive directors in AFB.

MBSB said AFB’s existing directors Datuk Johar Che Mat and Datuk Azrulnizam Abdul Aziz will remain as independent non-executive directors.

The appointments came after MBSB completed its acquisition of the entire shareholdings in AFB on Wednesday (Feb 7).

The RM644.95 million acquisition was completed following MBSB’s settlement of a balance cash consideration of RM357.2 million, as well as the allotment of the consideration shares in accordance with the terms of the sale and purchase agreement.

The acquisition paves the way for the non-bank lender to become a full-fledged Islamic bank.

MBSB’s share price slid two sen or 1.68% to close at RM1.17 today, giving it a market capitalisation of RM7.2 billion.