In a statement issued today, the group said the two, who will head specific pillars in the wholesale banking business, will report directly to group CEO Abdul Rahman Ahmad.

Apart from the added responsibilities of overseeing the financial institutions group (FIG) as co-CEO, Chu will continue to play his current role as head of the bank’s treasury and market groups.

Before taking up his current position, he headed the interest rate trading, debt market and derivatives unit.

In his new role, Novan will take charge of private and investment banking, corporate coverage, public sector and government group as well as the group corporate banking pillars.

Novan was previously head of equity capital markets for Southeast Asia. He also once served as head of investment banking for Malaysia for a global investment bank.

Rahman said Chu’s appointment demonstrated the strength and expertise of the banking group’s existing leadership.

He added that under Novan, new perspectives and complementary networks will be introduced to help the group build on its wholesale banking franchise.