Search underway for new Ambank Group MD, priority to locals

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KUALA LUMPUR (Apr 22): Priority will be given to local candidates to lead AMMB Holdings Bhd (AmBank Group) as it continues to search for a new managing director following Ashok Ramamurthy's departure, said the group's founder and chairman Tan Sri Azman Hashim.

Azman said the group is “still looking” for a suitable candidate for the post.

"Our priority is local, but we will not limit ourselves to that. We want to get the best person for the job," he told reporters on the sidelines of the Human Resource Knowledge Bazaar and Conference 2015 here today.

When asked if the bank has already shortlisted a candidate, Azman said it is an on-going process.

“This is something we cannot delay too long. We hope it can be done as soon as possible,” he added.

On March 20, 2015, AmBank Group (fundamental: 1.7; valuation: 3.0) had appointed Datuk Mohamed Azmi Mahmood as the acting group managing director effective April 2.

Azmi took over from Ashok, whose contract ended on April 1.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)