CHANGES are afoot at Malaysia Building Society Bhd (MBSB), starting with a board and management revamp at its wholly-owned banking subsidiary MBSB Bank Bhd. This will be followed by a group restructuring, which could take place as early as mid-2022, president and CEO Datuk Seri Ahmad Zaini Othman tells The Edge in an interview.
The changes are aimed at strengthening the country’s second largest standalone Islamic bank and giving it a more competitive edge. MBSB is 65.4%-owned by the Employees Provident Fund (EPF).
At the boardroom level, a new chairman will be brought in on March 1 to replace Tan Sri Abdul Halim Ali, 77, who has chosen to retire after 19 years at the helm. He stepped down as chairman of both MBSB and MBSB Bank on Feb 6, according to a stock exchange filing.