RHB Bank Appoints Former CelcomDigi CEO to Board

Key facts

• Datuk Mohamad Idham Nawawi appointed independent non-executive director of RHB Bank Bhd.
• Appointment effective May 7, 2026.
• Mohamad Idham previously served as CEO of CelcomDigi Bhd from December 2022 to August 2025.
• He was also CEO of Celcom Axiata Bhd from September 2018 to November 2022.
• RHB Bank's shares closed up 0.73% at RM8.33 on Thursday.
• RHB Bank has a market capitalisation of RM36.33 billion.
• UOB aims to double wealth management income by 2030.
• UOB's wealth management income was S$1.28 billion in FY2025.

New Director Joins RHB Bank Board

RHB Bank Bhd has appointed Datuk Mohamad Idham Nawawi as an independent non-executive director, a move that took effect on May 7, 2026. The appointment signifies a strategic addition to the Malaysian banking group's leadership as it navigates the evolving financial landscape. Mohamad Idham, 58, brings a wealth of experience spanning over three decades across the telecommunications, technology, and corporate sectors. His extensive background is expected to provide valuable insights to the bank's strategic decision-making processes. The appointment was formally announced through a filing with Bursa Malaysia, detailing the extensive career of the former chief executive of CelcomDigi Bhd.

A Career in Telecommunications Leadership

Most recently, Mohamad Idham served as an adviser to the board of CelcomDigi from September 1, 2025, to November 30, 2025. This followed his tenure as the company's chief executive officer, a role he held from December 1, 2022, to August 31, 2025. Prior to his leadership at CelcomDigi, he was instrumental in steering Celcom Axiata Bhd as its chief executive officer from September 2018 to November 2022. His earlier career included a significant period as group chief corporate officer at Axiata Group Bhd between 2012 and 2018. Mohamad Idham holds a Master in Communications Management from the University of Strathclyde in the United Kingdom and a Bachelor of Science in Mechanical Engineering from the University of Rochester in the United States, underscoring a strong academic foundation for his corporate roles.

Immediate Impact and Market Reaction

The appointment of Mohamad Idham to RHB Bank's board takes immediate effect. The announcement coincided with trading on Thursday, where shares of RHB Bank closed up by six sen, representing a 0.73% increase, to settle at RM8.33. This performance contributed to the bank's market capitalisation, which stood at RM36.33 billion. This move by RHB Bank occurs as another major regional player, UOB, reveals ambitious growth targets in its wealth management division. The Singapore-based bank aims to double its wealth management income by 2030, signalling a broader trend of financial institutions focusing on high-growth segments. Mohamad Idham currently also serves as a director of RHB Islamic Bank Bhd, indicating his ongoing involvement within the RHB financial group.

UOB's Ambitious Wealth Management Goals

UOB has set a bold target to double its wealth management income by the year 2030, seeking to significantly expand its presence within the affluent segment across the Association of Southeast Asian Nations (Asean). This strategic focus on wealth management, described as an "underpenetrated" sector, is anticipated to fuel the bank's next phase of growth. The benchmark for this ambitious goal is set against the financial figures for the twelve months ending December 31, 2025. In fiscal year 2025, UOB's wealth management income reached S$1.28 billion, a notable increase from S$1.12 billion reported the previous year. The new target implies an aim for at least S$2.5 billion in wealth management income by 2030. This expansion follows UOB's S$4.9 billion acquisition of Citigroup's retail banking assets in Indonesia, Malaysia, Thailand, and Vietnam. The deal, finalised in 2025 after being announced in 2022, effectively doubled UOB's customer base in these four markets to 8.5 million.

Integration Challenges and Future Outlook

Wee Ee Cheong, deputy chairman and CEO of UOB, acknowledged that the integration of the acquired Citigroup portfolio "has not been as straightforward" as initially envisioned. The bank had to manage ongoing operations on Citi's existing platforms while simultaneously constructing its own new systems, a complex and costly undertaking. However, Wee confirmed that the integration work has now been successfully completed, with all associated expenses recognised in previous financial quarters. He expressed optimism about the future, citing "significant opportunities" in wealth management, supported by a "large and increasingly affluent customer base that is underpenetrated." Looking ahead, UOB plans to bolster its wealth management capabilities by expanding hiring for roles such as relationship managers, though overall headcount is expected to remain relatively stable. While the bank is not ruling out further acquisitions, it notes that valuations are likely to remain "very high."

The bottom line

• RHB Bank has appointed former CelcomDigi CEO Datuk Mohamad Idham Nawawi as an independent non-executive director, effective May 7, 2026.
• Mohamad Idham possesses over three decades of experience in the telecommunications and corporate sectors.
• RHB Bank shares saw a modest increase of 0.73% following the announcement.
• UOB has set an aggressive target to double its wealth management income to at least S$2.5 billion by 2030.
• This UOB goal is underpinned by its recent acquisition of Citigroup's retail banking assets in four Asean markets.
• The integration of the Citigroup assets into UOB's systems has been completed after facing initial complexities.