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Bank Pembangunan appoints Nazir as chairman


KUALA LUMPUR: Bank Pembangunan Malaysia Bhd (BPMB) has appointed Datuk Seri Nazir Razak as non-executive chairman effective today.

Nazir's appointment has confirmed the New Straits Times' previous report that he will be succeeding Datuk Zaiton Mohd Hassan who retired in February 2021 after having served for two years.

"BPMB is a key development finance institution tasked to support companies and projects that promote socio-economic growth," Nazir said in a statement today.

"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," he added.

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.

BPMB currently provides medium to long-term financing to sectors of strategic importance to the nation and places particular importance on impact financing, channelling capital to address social issues and development priorities.

Nazir is also the founding partner and chairman of Ikhlas Capital, an Asean private equity firm.

He has extensive banking experience, having served as CIMB Group Holdings Bhd's chairman for four years and group chief executive officer for 15 years prior to that.

Nazir also served as the non-executive director of Khazanah Nasional for four years and was a member of the Employee Provident Fund investment panel for 15 years.

"The breadth and depth of his banking and finance experience will be a significant asset to BPMB as we continue on our nation-building journey. I look forward to working with him," BPMB president and group chief executive officer Arshad Mohamed Ismail said.