KUALA LUMPUR (Jan 25): Veteran banker Tan Sri Azman Hashim plans to retire as chairman and director of six subsidiaries in AMMB Holdings Bhd (AmBank Group) over the next two years, but will remain as the chairman of the holdings company.

In a filing with Bursa Malaysia, the group said Azman will retire from AmMetLife Takaful Bhd by the end of February and AmBank Islamic Bhd by the end of April.

He will retire from both AmMetLife Insurance Bhd and AmGeneral Insurance by the end of December.

By the end of December 2018, Azman will retire  from AmBank (M) Bhd and AmInvestment Bank Bhd.

“Having put in place changes to the senior management of the group and as AmBank Group and its operating entities begin their next phase of growth and development, Azman is confident that it is now the right time for him to initiate the planned transition of the chairmanship at the respective operating entities,” said the group.

The group said Azman, who turns 78 this year, will remain as the chairman of AMMB Holding and will focus on strategic initiatives to strengthen the group.

“The board is appreciative and fortunate that he has agreed to remain in his role as chairman of AMMB,” it added.

AMMB said Azman has been a guiding force over the last 35 years in building the group to what it is today.

“He has been exemplary in his role as chairman of the respective entities. Indeed, this transition and succession planning is another testament of his foresight in strengthening the group’s growth in the decades to come,” the group said.

Shares of AmBank closed four sen or 0.9% higher at RM4.52 today, with 4.92 million shares traded, for a market capitalisation of RM13.62 billion.