Lai said to be unlikely to return to Alliance bank

Eddy said: I don't think she will "appears" in ANY banks in near future. Maybe it's time for her to retire with.. well, plenty of "wealth".


By ELAINE ANG

PETALING JAYA: Alliance Bank Malaysia Bhd group chief executive officer (CEO) Datuk
Bridget Lai is not expected to return to the bank, sources and analysts said.

“I think I will answer you simply. I do not think it likely that Lai will return,” a source told StarBiz yesterday.

Speculation is rife that Lai, who is currently being investigated in the bank’s internal probe on issues which started with renovation in the property department, would not want to continue on as the bank’s CEO after the investigations are over.


Alliance Bank Malaysia Bhd group CEO Datuk Bridget Lai It was reported earlier that Lai had been given seven days by the bank board to answer certain questions as part of the bank’s internal probe.

When contacted, Lai said in an email reply that her main focus now was to clear her name.

“At this moment I do not even want to think about the future because the present is my key focus. Clear my name but to always be cognisant of my responsibility to my shareholders, professional in my conduct, respectful to my board and concern about my shareholders.

“I should be able to respond to my letter soon and hope to give my board a satisfactory answer.

“And by the way, money cannot buy integrity and there is no price to integrity as it is priceless. I am not concerned about compensation and despite the rumours, this is not my key focus,” she said.

An analyst with a local stockbroking firm who declined to be named said she would not be surprised if Lai did not return to the bank as CEO.

“I don’t think she will go back once the issue is over and she clears her name. I would not go back too after having gone through so much trauma,” she said.

Another analyst with a bank-backed stockbroking firm concurred.

“The investigation would most probably result in a less cordial relationship with the board. The relationship will not be as smooth as before. Even if she returns, I don’t think it will be for long as it will only be to hand over to her successor,” the analyst said.

On the effect Lai’s leaving would have on the bank, the analyst said the bank might be affected in the short term as there may be a management reshuffle with a new CEO coming on board thus disrupting the bank’s strategic direction and strategy execution.

“Moreover, the growth momentum for the consumer banking side may slump as Lai has always been strong in this area,” the analyst said.

Nevertheless, another analyst expects Lai to at least complete her contract with the bank.

“I believe she would want a good start and good end to her tenure at Alliance Bank. She has built up the bank to what it is today and she is a responsible person. She would want a smooth transition of power,” she said.