The Edge Markets - Nazir Razak retires as BPMB non-executive chairman, effective April 22>

KUALA LUMPUR, 20 April 2023

Bank Pembangunan Malaysia Bhd (BPMB) said that Tan Sri Nazir Razak would retire from his position as the bank’s non-executive chairman upon completion of his two-year tenure, effective April 22.

Nazir, 56, was formerly the chief executive officer and chairman of CIMB Group before joining BPMB in 2021. He oversaw the planned consolidation of development finance institutions (DFIs).

Phase 1, namely the merger between Danajamin Nasional Bhd and BPMB, was completed this year, and will be followed by Phase 2, namely the merger with SME Bank and Exim Bank, as part of the DFI consolidation road map as announced in Budget 2020.

“I would like to thank the government for the opportunity to serve BPMB over the last two eventful years,” said Nazir in a statement on Thursday (April 20).

“In this time, we successfully completed the merger with Danajamin, significantly strengthened our management bench, improved operations and overall governance, resulting in a stronger and more integrated BPMB group today.

“We also launched Agenda 2025, our three-year transformation plan, and embedded an objective method for evaluating loans and investments with our MIND (Measuring Impact on National Development) framework.”

Nazir said retirement will allow him to dedicate more time to his Asean private equity investments, and his new role as the chairman of the Asean Business Advisory Council Malaysia.