KUALA LUMPUR: Permodalan Nasional Bhd (PNB) president and group chief executive Ahmad Zulqarnain Onn's elevation to the Employees Provident Fund (EPF) may lead to a return of the fund manager's former top executive and a major appointment at a big local bank.
Datuk Abdul Rahman Ahmad, who was PNB president and group chief executive from 2016 till 2019, will likely return to take the helm of the country's largest fund manager, sources said.
Rahman is currently group chief executive officer (CEO) of CIMB Group Holdings Bhd and his possible comeback to PNB will see a vacancy at the banking group's top post.
The source tipped that Effendy Shahul Hamid will succeed Rahman.
Effendy is currently CIMB Group CEO of group consumer and digital banking, a post he has held since Jan 1 last year.
"Abdul Rahman's name for PNB has been put on the table. The potential appointment of Effendy, on the other hand, is subject to Bank Negara Malaysia's approval," a source said.
Ahmad Zulqarnain will join the EPF on Feb 19 to replace Datuk Seri Amir Hamzah Azizan, who was appointed as the Second Finance Minister after leading the pension fund since March 1, 2021.
PNB, in its announcement late last week, said Ahmad Zulqarnain would cease to be its president and group chief executive on Feb 16.
PNB was set up by the government in 1978 to help boost the wealth of Bumiputeras by investing in local companies.
Abdul Rahman was CEO of Ekuiti Nasional Bhd for seven years before joining PNB in 2016.
He was instrumental in driving PNB's strategic diversification of assets, as well as enhancing consumer experience through operational and digitisation initiatives.
In 2016, Abdul Rahman and then chairman Tan Sri Abdul Wahid Omar unveiled plans to boost its assets under management (AUM) assets to RM350 billion by 2022.
The fund saw its AUM rising to RM341.6 billion last year from EM322.6 billion in 2021.
Meanwhile, Effendy's potential elevation to the top post at CIMB Group appears a tad too fast, but sources pointed out that he has been with the group since 2004 with a proven track record.
"Effendy is a visionary leader with a diverse and proven track record of success within CIMB, having led various units since joining the group in 2004," Abdul Rahman had said when announcing Effendy's appointment then.
"His ability and experience in forward-looking banking and financial services trends and proven execution capability across different businesses will be invaluable in future-proofing our business and spurring its growth as we navigate the challenging and increasingly competitive landscape," he added.