RHB, CIMB heads roll after merger fail

CIMB Group and RHB Capital have reshuffled their top management following the collapse of their three-way merger with Malaysia Building Society MBSB.

With both Malaysian banks struggling to articulate a new strategy in the wake of the merger failure and earnings under pressure as credit growth slows across Malaysia and Indonesia, RHB on Wednesday announced the resignation of group managing director Kellee Kam.

That follows news on February 6 that Lee Kok Kwan, CIMB's chief executive officer for corporate banking, treasury and markets, would step down to become an adviser to the group CEO but will also become a member of the board. Kenny...