KUALA LUMPUR, March 4 – AmBank Group yesterday said outgoing group managing director Ashok Ramamurthy is not leaving the group, one of the largest banking groups in Malaysia, for 1Malaysia Development Bhd (1MDB). “The board of directors of AmBank Group wish to clarify that online media reports today linking the planned departure of Ashok with 1MDB are wrong,” the group said in a statement.

“We announced on Jan 29, 2015 that Ashok has decided to return to his family in Melbourne, Australia after having lived away from them in Kuala Lumpur for several years.” AmBank Group said Ashok has been working with AmBank Group since 2007 and was appointed group managing director in 2012. He will resume his career with Australia and New Zealand Banking Group when he returns home to Australia, the group said. “The board would like to thank Ashok for his services to date.”

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