Top Women Bankers in Malaysia Reveal Their Path to the C-Suite

(Bloomberg) -- When she started out in the financial industry in Malaysia more than 30 years ago, there were times when Ai Chin Tan was the only woman at the table working on a big deal. 

Tan is now the top investment banker at her firm, reflecting a wider shift in Malaysia. At the Kuala Lumpur stock exchange’s 100 biggest companies, 31.4% of board seats are occupied by women, according to the securities commission. At conglomerate Berjaya Corp., all eight board members are women. 

That’s a good lead over most places. On average, women hold only 16% of board seats at Asia’s largest listed companies, a World Bank-backed report shows. For financial services globally, women occupied only 18.4% of top management — or C-suite — positions in 2023, according to Deloitte Insights.

While comprehensive statistics are hard to come by, investment banking in Malaysia has higher female representation than most places. Tan and several other women, including a trio still in their 30s, head country operations at their firms. Among the most active international investment banks, more than half have female leaders. 

Natasha Ishak, regional director and country head of recruitment agency Hays in Malaysia, believes an affinity for accounting, statistics and mathematics is one reason why many women in the country are drawn to the world of finance. 

Representation on boards at the top 100 Kuala Lumpur-listed companies has risen rapidly, nearly double from 16.6% in 2016. The trend reflects a broader shift in Southeast Asia’s sixth-biggest economy, where efforts include a commitment — made in 2015 under a UN Women initiative — to raise female participation in the labor force and increase support for single mothers. 

“There’s still room for improvement,” Natasha said, noting that 40% of senior management positions across industries in Malaysia are held by women. 

Some of Malaysia’s top female financiers sat down recently with Bloomberg News in Kuala Lumpur to discuss diversity, the industry and their careers. All said they rose to the top on merit, not because of a diversity push. 

Here are some edited excerpts from the conversation: 

Ai Chin Tan

Diversity

Why are there so many women in banking? I don’t think it’s a purely deliberate approach, it’s just a coincidence that some industries tend to attract and retain more women. I’ve never truly felt there is any stereotype. Everyone is given equal opportunity in the workplace, and from my observations throughout my banking career — which spanned from local to global and regional banks — there is good gender diversity across all business segments. 

We tend to stay through in our job if the organization provides the right opportunities to grow. Men tend to venture out to explore new things. There is a tendency for men from investment banking to explore independent consultancy, join the corporate world or venture into business. Some men do come back to the banking world after venturing out. 

I believe all organizations are continuing to promote gender diversity. What is more important is not just gender, it’s also the need to have racial diversity and inclusivity, especially in a multiracial country like Malaysia. 

Government policy

I frankly don’t feel there is a necessity to impose a 30% rule for women representation in banking. We all grew in our careers through meritocracy. An organization shouldn’t be compelled to hire a lady just to meet the 30% requirement. Throughout my career development in banking, there was never a time that there was discrimination or stereotyping on gender issues. 

At OCBC Malaysia, 63% of our staff are women and 44% of the management committee is comprised of women. We have good representation at board level too. We are very inclusive. One important aspect in investment banking is really about people management.  

Hsu Jen Chin

Meritocracy

At CLSA Malaysia, most business heads are women. It wasn’t deliberate, it just happened. Whoever is best for the job gets the job. It was during maternity leave when I knew being a housewife wasn’t for me. You really need to like the job because the hours are long. It’s not easy, you are always on call. I came from the central bank where we dictated timing, and then I moved to the other extreme where my time is basically determined by my client. 

You need to be able to take rejection, because if you pitch for 10 deals, you’re not going to win all 10. If you’re too hard on yourself, it’ll be really stressful. You need to accept that sometimes you win and sometimes you lose. Then you just move on and learn from why you lost and try to improve on the next pitch.

De-stressing 

I enjoy an occasional game of poker and whiskey.

Tammi Yong

Work-life balance

I picture my life in seasons, where I focus more on one area than another. The key to this is communication so that both work and home know what is happening and that you are always working toward the same goals. I aim to build a full and colorful life for my family and be a blessing to those in our path. I’m a new mother, so I take joy in every moment I get with my two kids.

Advice

Most aspiring bankers tend to look online to begin their research for how to get into the industry. That may help with technical knowledge, but it doesn’t set you apart from all the rest. Go back to basics. Understanding your strengths and how they fit the specific investment banking role you’re applying for goes a long way.

Roe Seann Chong

Inspiration

I grew up with everyone talking about finance around the dinner table, so I had the aim of paving a career in banking. I did a degree in math and then finance. At first I wanted to do quant finance. I then did a couple of internships in equity research. I really enjoyed analyzing companies and that’s how I moved into investment banking. 

The excitement and enjoyment is really in closing a deal. The whole process of seeing it through to execution is very satisfying. Ultimately, helping to meet clients’ objectives and developing a strong and sustainable relationship with them is my long-term goal.

Mentorship

I wish I did that at the start — finding a mentor to really provide guidance. But for me, I try to be very independent. I tried to forge my own path and get involved in things on my own. I’ve always believed the best way to learn is by doing.

I just became a mom, and I thought I could do everything myself, but it’s not easy. In Malaysia, we are lucky to have access to help and support, which is really important and also one of the reasons why a lot of women are able to stay in the workforce for longer, eventually moving up to senior management.

You have to really love what you do and be passionate about it. From a generational perspective, we see younger colleagues coming in with different perspectives and expectations, particularly around work-life balance. Hopefully this will only make our sector more balanced moving forward. 

Investment banking is incredibly hard but fulfilling work, which is why you really need to have a passion for it.

--With assistance from Netty Ismail and Joy Lee.

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