Maybank boss to step down

Malayan Banking Berhad (Maybank) group president and CEO Abdul Farid Alias would step down at the end of his contract in August, a stock exchange filing showed yesterday.

Malaysia’s largest lender by assets said a search for a successor was under way, including assessing internal and external candidates.

Farid has indicated that he will not be seeking a renewal of his contract, which is set to expire on Aug 1, and has informed the board that he would like to pursue his own interests following the conclusion of his third term.

He has held the position since 2013.

Farid, 53, began his career in banking at a subsidiary of Maybank in 1992 and will continue to oversee the bank’s management and operations until a successor takes the position.