Business summary from April 26 to May 2
Banking
This week alone, Standard Chartered said it would shut down half its branches and slash office space worldwide by a third in order to save costs as global lockdowns have greatly reduced the need for physical branches and offices.
Across the Causeway, OCBC Bank said this week that it would review its current need for office space and could be reducing the number of its branches as well.
In Malaysia, this trend is set to take place soon if it has not already, according to banks as well as industry observers.
Bank Negara Malaysia has appointed Abd. Rahman Abu Bakar as assistant governor effective May 1.
KUALA LUMPUR: Bank Negara has appointed Abd. Rahman Abu Bakar as assistant governor effective May 1.
In a statement Friday, the central bank said Abd. Rahman would oversee the areas of human capital which include strategic human capital, human capital development and human capital services.
Abd. Rahman joined Bank Negara in 1992. He has served various departments in the bank, including financial intelligence and enforcement, special investigation, insurance regulation, strategic planning, human resource management and economics.
He holds a Bachelor’s degree in Economics from the International Islamic University Malaysia.
Abd. Rahman succeeds Mohd Adhari Belal Din, who is leaving the bank on May 11 following 14 years of service.