KUALA LUMPUR: Alliance Financial Group Bhd (AFG) has appointed Joel Kornreich, 49, as its new chief executive officer (CEO) effective yesterday. 

Prior to joining AFG, Kornreich, a Belgian, was with Citi-group for 20 years in various roles in different countries.

His last position was as the country business manager of Citibank global consumer group in South Korea, according to a filing with Bursa Malaysia yesterday.

AFG said Kornreich, who is also the group CEO of Alliance Bank Malaysia Bhd, a wholly-owned subsidiary of AFG, has over 23 years of experience in the financial services industry.

The CEO post of AFG had been left vacant ever since Sng Seow Wah, a Singaporean, vacated the position on Oct 4 last year. Sng unexpectedly resigned from AFG on June 5 of the same year.

At the time, AFG said Sng decided not to renew his employment contract ended July 4 as he had to attend to important family matters in his home country.

AFG shares closed at RM4.75, down 4 sen or 0.84%, with a market capitalisation of RM7.35 billion.

This article first appeared in The Edge Financial Daily, on April 2, 2015.