Business

Saturday May 23, 2009

Cool Wahid takes the heat in his stride


DATUK Seri Abdul Wahid Omar, CEO of Malayan Banking Bhd (Maybank), is no stranger to corporate reforms. No doubt, the challenge that he faces at Maybank may be very different from those he had encountered at United Engineers (Malaysia) Bhd (UEM) and Telekom Malaysia Bhd (TM), but nevertheless, he is enjoying the job.

Fresh-faced and confident, Wahid tells StarBizWeek: “It is like coming back to familiar territory except that Maybank has a much wider range of products and services and substantial client base.”

Wahid had worked at Amanah Capital Group, where he was the director of group corporate cervices and divisional director, capital market and securities, overseeing the overall direction and performance of the division.

This included discount houses and money broking firms. He was also the chairman of Amanah Short Deposits Bhd and a past chairman of the Association of Discount Houses in Malaysia.

Abdul Wahid Omar

He was also a director of Amanah Merchant Bank Bhd. One tumultous year into the Maybank job, the cool and steady Wahid tells StarBizWeek that it is a job he tremendously enjoys, challenges and all.

“He’s a smart guy but we don’t envy him at the moment. He took over (as boss of Maybank) when the global financial system was crashing but is still expected to bring home results from Maybank’s RM12.5bil overseas acquisitions,” says an observer.’

Wahid was managing director and CEO of the UEM group from October 2001 until June 2004. With his vast experience in the financial industry and extensive knowledge of the capital market, Wahid was tasked to lead the turnaround of the UEM-Renong group.

He completed two phases of restructuring at the UEM-Renong group that saw the listing of PLUS Expressways Bhd, the creation of UEM World Bhd and its listing on Bursa Malaysia in August 2003.

At the end of his tenure, the UEM group had been completely turned around from an ailing conglomerate with huge debt overhang to a profitable and viable group.

In July 2004, Wahid was appointed group CEO of TM where he implemented various transformation strategies. TM has focussed on its international expansion and also strengthened its presence in emerging markets closer to home. However, Wahid left a month earlier to helm Maybank, and therefore, had taken part mostly in the corporate exercises but not in the management of the demerger.

Apart from launching a transformation plan, the challenge at Maybank is bigger and very different. Wahid and his team have to grow the BII business, plug the hole that the huge investment has created, sustain a high market share domestically and further expand the business overseas. In the midst of all this, Wahid and his management have to ensure good dividend payments.

Perhaps no other CEO has been or will be as closely watched as Wahid as he steers Maybank through rough waters.

Throughout his initial year at Maybank, insiders have described him as hardworking and dedicated. “Working late at night, he studies all matters closely before he makes a decision. He is analytical and has an eye for detail.”

Market watchers regard him as having a lot of experience in integrating acquisitions and even in testing times, he is known to be composed and not load his stress onto others. And once he makes a decision, he will live through it despite the negative reactions.

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