KUALA LUMPUR (June 4): Malayan Banking Bhd (Maybank) has appointed Michael Foong Seong Yew as its chief executive officer (CEO) of international business, in addition to his current role as the group chief strategy officer. 

Foong is the ideal candidate to take on the expanded role to help achieve the group’s ambitious growth plans for its international operations, said Maybank group president and CEO Datuk Abdul Farid Alias. 

“Given that the group targets to grow its international business at a more aggressive pace, Michael’s background, diverse skill-sets and wide experience in strategy development will be a pivotal advantage in leveraging the group’s regional footprint and charting the path for further growths in our international markets,” Abdul Farid said in a statement today. 

Maybank said Foong’s ascension to the position was following the retirement of Pollie Sim, who had served Maybank for over three decades, including as CEO of Maybank Singapore from 2006 to October 2013. 

“During her tenure as CEO of Maybank Singapore, she led in building its consumer franchise from less than 20% to 50% of the loans book and its structured trade and wealth business for a more diversified fee income, resulting in the bank achieving record level profits,” Abdul Farid said, adding Sim’s leadership and dedication has helped steer the organisation to what it is today. 

As for Foong, Maybank said he is an expert in strategy development and business transformation, and contributed to the transformation programmes, which was executed at the bank’s operations across Hong Kong, the Philippines and Cambodia since 2014. 

In addition, Foong drove the adoption of new and enhanced digital platforms, partnering with group community financial services for international business units since 2016, the bank said. 

Foong holds a master’s degree in economics and management studies from Cambridge University, and attended the advanced business management program conducted by the Kellogg Graduate School of Management, Northwestern University in the United States. 

Maybank, Malaysia’s largest company by market capitalisation, has over 2,200 branches across 20 countries and 22 million customers. At 3:41pm, Maybank shares were down 5 sen or 0.5% at RM9.99, giving the group a market capitalisation of RM109.32 billion.