KUALA LUMPUR (Jan 29): AMMB Holdings Bhd (AmBank) has confirmed that its group managing director Ashok Ramamurthy would be stepping down as part of a planned transition, re-affirming a report by the Edge Financial Daily today.

In a statement to the stock exchange today, the banking group said it had also commenced the process of identifying a replacement for the position.

AmBank said Ramamurthy would rejoin his family in Melbourne in due course and as part of a planned transition would resume his career in a senior executive role at Australia and New Zealand Banking Group Limited (ANZ).

AMMB also clarified that its Managing Director of Wholesale Banking, Pushpa Rajadurai; its Managing Director, Wholesale Banking, Products Kok Tuck Cheong as well as its group Chief Financial Officer Mandy Simpson had existing contracts and were continuing to serve the group in accordance with these contracts as normal.

Ramanurthy joined the AmBank Group from ANZ in 2007 first as Chief Financial Officer and has been Group Managing Director since 2012.

AmBank group chairman Tan Sri Azman Hashim said the AmBank Group had made significant progress under Ashok’s leadership. 

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

“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,” he said.