KUALA LUMPUR – Former CIMB Holdings Bhd chairman Datuk Seri Nazir Razak is now Bank Pembangunan Malaysia Bhd’s (BPMB) non-executive chairman effective today.
Nazir succeeds Datuk Zaiton Mohd Hassan, who retired in February after having served for two years.
“BPMB is a key development finance institution tasked to support companies and projects that promote socio-economic growth,” said Nazir.
“I am grateful for this opportunity to serve a government institution and bring to bear the years of experience I have in the financial sector.”
Last month, The Vibes reported that Nazir was nominated to lead Bank Pembangunan (https://www.thevibes.com/articles/business/19416/nazir-razak-front-runner-to-lead-bank-pembangunan-malaysia).
Insiders had said Nazir was the top choice for the ministry, while Bank Negara Malaysia wanted Zaiton to extend her contract.
It was reported that if Nazir takes the helm, his first priority will be to ensure the merger of development finance institutions – which include Bank Pembangunan, Danajamin Nasional Bhd, Export-Import Bank of Malaysia Bhd, and SME Bank – is completed.
He has a working history with Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz, who was group chief executive of CIMB when the former was still with the banking group.
Nazir is also the founding partner and chairman of Ikhlas Capital, an Asean private equity firm.
BPMB was incorporated on November 28, 1973 and mandated to support the Malaysian economy’s development by assisting entrepreneurs in small and medium-sized industries. – The Vibes, April 22, 2021
