Datuk Dominic Silva has stepped down as the CEO of MIDF Amanah Investment Bank with effect from Thursday.

KUALA LUMPUR (Oct 10): Datuk Dominic Silva has stepped down as the chief executive officer of MIDF Amanah Investment Bank (MIDF IB), the position that he held for almost six years.

According to a message sighted by The Edge, Silva said the resignation is effective Thursday. However, it is understood that his contract is only due to expire in January 2025.

“Being the CEO of MIDF IB has been a great honour. But the timing for my stepping down simply could not have been scripted any better. I am enormously proud of the organisation that MIDF IB has become, and now being part of MBSB Group and with the Employees Provident Fund (EPF) as the largest shareholder, the bank is poised for greater things ahead,” he said.

It is understood that Silva is one of the key persons that lead the merger between MBSB Bhd (KL:MBSB) and MIDF. The exercise was completed in October 2023.

Silva is known by those in the industry as one of the key persons that lead the merger between MBSB Bhd (KL:MBSB) and MIDF. The exercise was completed in October 2023.

Before joining MIDF Amanah Investment Bank, Silva was the head of investments at Khazanah Nasional Bhd and an executive director for nine years, MIDF said in a statement.

Prior to that, Silva spent 18 years working for international banking institutions here, as well as in Singapore, the Netherlands and Hong Kong. He also served on the boards of Astro Holdings Sdn Bhd (Malaysia), various banks and companies in the CIMB Group, the Infrastructure Development Finance Co Ltd of India and several other notable organisations.

There have been a slew of changes on the management of MBSB Bhd since last year. This includes the departure of Datuk Nor Azam M Taib as the CEO of MBSB Bank in June. He joined MBSB in November 2010 and was appointed the CEO of its banking arm in July 2022. The role was assumed by the MBSB group CEO Rafe Haneef.

In May, the banking group saw the appointment of former TIME dotCom Bhd (KL:TIMECOM) chief financial officer Shahnaz Farouque Jammal Ahmad as its new CFO. Shahnaz replaced Ramanathan Rajoo, who will transition into the role of a special adviser to MBSB.