KUALA LUMPUR (March 20): CIMB Securities Sdn Bhd has appointed former Credit Suisse Malaysia country head and managing director Stephen Hagger as independent chairperson, with immediate effect.

CIMB Securities also appointed three new directors: Novan Amirudin, Tan Ting Min and Julia Hashim.

"The appointment is to strengthen CIMB Securities’ position in the market to be the brokerage of the future and to cement its position to become the premier partner in the Malaysian capital market," said CIMB Group Holdings Bhd in a statement on Wednesday.

This follows the recent completion of the acquisition of KAF Equities Sdn Bhd (now known as CIMB Securities), as part of the bank’s strategy to expand its in-house capabilities, which complements CIMB Group’s wholesale banking business in Malaysia, it said in a statement.

CIMB Securities chief executive officer Ruzi Rani Ajith said its board of directors possesses significant expertise in implementing strategic priorities to drive shareholder value and has the skill sets, experiences and professional backgrounds representing a diversity of perspectives and characteristics that are particularly relevant to the company’s business and strategic objectives.

"These appointments mark the establishment of a highly proficient and seasoned board, dedicated to steering the company towards strategic excellence and commercial success," Ruzi added.

Hagger’s career at Credit Suisse began in 1998 and included key roles in Asean sales and research.

Prior to joining Credit Suisse, Hagger was managing director, country head and head of equity research at BZW Malaysia. He had also worked as the head of equity research at Kim Eng Securities in Kuala Lumpur, managed fund with Hill Samuel Bank, Singapore and served as an equities analyst for Robert Fleming in London.

Novan, meanwhile, has been appointed as the CIMB Securities’ non-independent director. Novan is co-chief executive officer of group wholesale banking and CEO of CIMB Investment Bank. He is also responsible for CIMB Group’s corporate banking, investment banking and private banking businesses.

Novan comes with more than 20 years’ experience in investment banking and corporate finance across Kuala Lumpur, Jakarta and Singapore with extensive experience in client coverage, mergers and acquisitions, public offerings, private placements, derivative solutions and bank financing. Prior to CIMB, Novan was head of equity capital markets for Southeast Asia and head of Malaysia investment banking for JP Morgan.

Tan and Julia have been appointed as CIMB Securities independent directors.  

Tan is an independent director of CIMB Investment Bank. She began her finance career at Ke-Zan Securities Sdn Bhd. She joined Credit Suisse Securities (Malaysia) Sdn Bhd and subsequently became head of research in 1994. Under her leadership, Credit Suisse's equity research team topped the Institutional Investor Polls in Malaysia for seven consecutive years. Tan’s expertise covers various sectors, including consumer, retail, food and beverage, tobacco, packaging, plantation, property, real estate investment trust, utilities, and conglomerates.

Meanwhile, Julia is an experienced professional, particularly within the banking industry. Julia spent 23 years at CIMB Investment Bank, where she held positions such as head of equities Malaysia and head of institutional sales for Asean.