KUALA LUMPUR (May 14): Former TIME dotCom Bhd (KL:TIMECOM) chief financial officer Shahnaz Farouque Jammal Ahmad has joined Malaysia Building Society Bhd (KL:MBSB) as the banking group’s new CFO.

Shahnaz will be replacing Ramanathan Rajoo, who will transition into the role of a special adviser to MBSB. The changes will take effect from June 1, MBSB informed Bursa Malaysia.

Shahnaz, 49, was the CFO of TIME dotCom for almost three years before stepping down on March 15. Prior to that, he was the chief executive officer of group wholesale banking and CFO of CIMB Group.

He has over 20 years of banking experience covering mergers and acquisitions advisory, risk advisory, trading, risk management, corporate and investment banking, and finance, said MBSB.

It said Shahnaz's appointment marks an important step for the group, which has recently expanded following its acquisition of Malaysian Industrial Development Finance Bhd (MIDF) from Permodalan Nasional Bhd. The acquisition was completed in October 2023.

“As the CFO, Shahnaz will be instrumental in steering the financial strategy of the enlarged MBSB group, with a focus on identifying opportunities within the group’s diverse portfolio in maximising returns,” said MBSB in a statement.

“ A key objective under Shahnaz’s leadership will be improving the group’s profitability, including a strategic focus on increasing Casa (current account and savings account) to reduce funding costs, and improve the group's financial position. Shahnaz's appointment reflects the MBSB group's commitment to continue strengthening its leadership team to drive the group's strategic initiatives and ensure sustainable growth,” it added.

Shares in MBSB closed unchanged at 79 sen on Tuesday, valuing the group at RM6.45 billion. The counter has risen over 11% since the start of this year.