In a statement, CIMB Group said Novan will take over from Abdul Rahman Ahmad, who is stepping down on June 30.

A chartered accountant, Novan has more than 20 years’ experience in banking and advisory positions across Malaysia, Indonesia and Singapore.

He is currently the co-CEO of group wholesale banking (GWB) as well as the CEO of CIMB Investment Bank Bhd.

“Since joining CIMB in 2022, Novan has transformed GWB, which is the largest business within CIMB, and implemented a new operating model to simplify, de-layer and specialise to sharpen its focus and execution,” said the statement.

Before joining CIMB, Novan spent close to 16 years with JP Morgan, with his last position being head of equity capital markets (Southeast Asia) and head of investment banking (Malaysia). Before that, he was with PwC, where he specialised in corporate finance advisory.

CIMB chairman Nasir Ahmad described Novan as an experienced banker who has excelled in strategic leadership and demonstrated a strong track record in organisational transformation as well as driving results.

To support Novan, CIMB Group also announced the appointment of Gurdip Singh Sidhu as CEO of CIMB Bank and Malaysia.

Gurdip, who has spent close to 18 years at CIMB in various senior leadership roles, is currently the chief operating and people officer at CIMB Group.

In his new role, he will be primarily responsible for the day-to-day management of CIMB’s home market and core operating geography.