Former Chase Manhattan CEO Barrett to helm RHB Bank

Kuala Lumpur, Dec 3, 2004: Experienced banker Michael J. Barrett will assume the position of Chief Executive Officer at RHB Bank Bhd (“RHB Bank”) on Jan 3, 2005.

Barrett, 54, was Chief Executive Officer / President of Chase Manhattan Bank USA, N.A., when he retired in November last year, capping a distinguished career spanning three decades with the same employer.

Barrett began his career in banking in 1973 when, fresh out of college, he joined the Management Training Programme of Chase Manhanttan Bank in New York. In fact, when he left 30 years later, he was the next-to-last surviving member of the 1973 intake of Chase Management Trainees.

He held several appointments at Chase in the United States for 14 years before being sent to Puerto Rico as Consumer Country Manager in 1987. His task was to turn around the bank’s loss-making Consumer Banking Business.

Barrett’s first assignment in this region came in 1989 when he was sent to Singapore as Southeast Asia Regional Consumer Manager to develop and implement the bank’s Consumer Banking Strategy for Singapore, Malaysia, Thailand and Indonesia. Two years later, he was given direct responsibility for the Consumer Business and appointed Chief Administrative Officer for Chase in Singapore.

He returned to the United States in 1994 and was appointed Eastern Region Executive responsible for 53 full-service branches, remote ATMs and various Commercial Lending Teams targeted at small businesses and the middle market in upstate New York.

Following the merger of Chase Manhattan with Chemical Bank, Barrett took over the Marketing and Strategic Planning functions of the combined Small Business Portfolios of the two banks.

In April 1996, Barrett was appointed CEO / President of Chase Manhattan Bank USA, N.A., based in Newark, Delaware. Following the merger of Chase with JP Morgan in 2001, he also assumed the role of Senior JP Morgan Chase Executive for all its Delaware operations, a position he served until his retirement in November 2003.

During his tenure as CEO / President, he was responsible for managing the US$42 billion National Consumer Credit and Wholesale Bank based in Newark, Delaware.

Barrett’s appointment at RHB Bank will bring him back to the region he left 10 years ago. His experience in Southeast Asia is expected to be a boost for RHB Bank’s consumer business not only in Malaysia but also in international operations in Thailand and Singapore.

RHB Capital Executive Chairman Dato Sri Sulaiman Abdul Rahman Taib said: “We are indeed delighted that Mr Barrett will be joining us. Having served throughout his entire career at Chase Manhattan, one of the top banks in the world, Barrett’s vast experience in banking will certainly add value to the business and operations at RHB Bank.”