KUALA LUMPUR: Tengku Datuk Seri Zafrul Abdul Aziz recalled how the then CIMB Group CEO Datuk Seri Nazir Razak wanted him to grow the investment bank business when he joined the banking group in January 2014.
That was after he left Maybank Investment Bank as CEO after a four-year stint. It was not his first time joining CIMB though. He was there briefly many years ago.
Investment banking and corporate finance have been his forte since he graduated from the University of Bristol with a BSc (Hons) in Economics and Accounting. (He also has an MA in Finance and Management from the University of Exeter).
“We wanted to restructure the investment bank because of RBS (Royal Bank of Scotland). There was no talk about succession, nothing,” Tengku Zafrul told the NST.
“Suddenly he called me in June or July. He said: ‘I talked to the board, I want to retire’.”
I said: “Okay.
When?” He said: “As soon as possible. End of August. Aug 31.”
I said: “Okay” and after that he said: “I will be chairman. I’ll still be around.”
So I said: “Who’s going to be replacing you? Have you decided?”
He said: “Yeah, the board has decided already.
That’s why I’m telling you.” “I have a feeling he must have planned it before.
“I was like ‘Betul ke ni?’ (Is it true?)”
Tengku Zafrul admitted that it was not an easy offer for him and he said he needed to ensure he got Nazir’s and the board’s support because “I’m inheriting a team that has been with him at least 10 to 15 years.”
Tengku Zafrul has since revamped the management team, embarked on other initiatives and introduced several changes.
“When we announced the start of T18, the firm was reorganised. Of course certain departments either merged or no longer exist. So the heads (of departments) also moved around. Now, half the exco is new.
All the positions are filled.” “This is my team,” he declared.