Malayan Banking Bhd's investment banking chief Zafrul Aziz submitted his resignation yesterday, said a Bloomberg report. The executive would be joining CIMB Group Holdings Bhd after his resignation, said two people with direct knowledge regarding the matter. Malayan Banking Bhd is the second biggest bank in Malaysia.

Zafrul would become a deputy chief executive officer and head of investment banking at CIMB. This was according to one source who is close to the matter and told Bloomberg. Kuala Lumpur-based Maybank is the biggest lender in the country. The bank planned to release a statement as soon as today, said another source.

Zafrul was the Chief Executive Officer of Maybank Investment Bank Bhd and Maybank Kim Eng Holdings Ltd. He was also the acting global banking head at the bank's parent, Maybank. Earlier today, The Straits Times reported Zafrul's resignation. 

Representatives for both MayBank in Kuala Lampur and CIMB did not respond to requests for statements regarding the resignation report.