KUALA LUMPUR (March 9): CIMB Group Holdings Bhd has appointed its group chief operating officer Omar Siddiq Amin Noer Rashid as officer-in-charge with immediate effect, following the resignation of group chief executive officer Tengku Datuk Seri Zafrul Abdul Aziz.

Prime Minister Tan Sri Muhyiddin Yassin today announced the appointment of Tengku Zafrul as the new finance minister.

In a statement, CIMB said the board “has begun its succession plan”.

Prior to joining CIMB, Omar Siddiq was the head of group wholesale banking at RHB Bank Bhd and was also former executive director and group chief financial officer at Malaysia Airlines Bhd.

He was also a former executive director in the Investments Division at Khazanah Nasional Bhd and a member of the senior management team focusing on the aviation and airports sectors.

“Tengku Zafrul has served the group for six years, when he re-joined in 2014. He has done an outstanding job, shaping CIMB’s transformation under our T18 and Forward23 strategic plans," CIMB chairman Datuk Mohd Nasir Ahmad said in the statement. 

“His energy and commitment to CIMB will be difficult to match but he leaves behind a better organization with a stronger footing where he has united and instilled a strong CIMB culture. On behalf of the board I would like to thank Tengku Zafrul for all his contributions to the group and wish him well in his next role,” Mohd Nasir added.

CIMB's share price fell 24 sen or 5.41% to close at RM4.20 today, giving a market capitalisation of RM41.68 billion.