Bank Negara Malaysia (BNM) is not expected to take regulatory action following the dismissal of Khalijah Ismail, the former Group CFO at Maybank.

The bank has confirmed that the central bank was informed of the matter, emphasising that the decision stemmed from internal non-compliance rather than regulatory concerns.

Maybank announced on 17 February that Khalijah had departed following an internal inquiry.

The bank did not disclose specific details in its Bursa Malaysia filing but stated that a search for her replacement is underway.

In the meantime, Malique Firdauz Ahmad Sidique has been appointed as acting Group CFO.

According to New Straits Times, analysts who attended a conference call with Maybank’s management were told that the bank viewed this as an isolated incident, and no regulatory action from BNM would follow.

The discussion also reaffirmed that there was no falsification of accounts, no financial losses, and no involvement of law enforcement or regulatory agencies, as noted by Affin Hwang Capital and RHB Research.

During the call, Maybank’s Group President and CEO Datuk Khairusalleh Ramli assured that the bank continues to maintain strong governance standards, with its internal controls remaining effective to safeguard stakeholders’ interests.

Meanwhile, The Sun reported that Khalijah contested the bank’s decision, stating that she was not given a clear explanation for her termination aside from a loss of trust and confidence.

She denied any wrongdoing and has indicated her intention to take legal action to protect her reputation.

Khalijah, who joined Maybank more than 30 years ago and was appointed as Group CFO in October 2021, was given the opportunity to present her case during the internal inquiry, according to Maybank.

The bank maintains that the dismissal followed internal procedures and was not linked to any regulatory issues.

Featured image credit: Edited from Freepik