Thursday, 20 April 2023, Kuala Lumpur - Bank Pembangunan Malaysia Berhad (“BPMB”) wishes to announce that Tan Sri Nazir Razak will retire from his position as BPMB’s non-executive chairman upon the completion of his 2-year tenure on 22nd April 2023.

“I would like to thank the Government for the opportunity to serve BPMB over the last 2 eventful years,” said Nazir. “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 3-year transformation plan) and embedded an objective method for evaluating loans and investments with our MIND (Measuring Impact on National Development) framework.”

Nazir, formerly CEO and then-chairman of CIMB Group, joined BPMB in 2021 with a view to overseeing the planned consolidation of development finance institutions (DFIs). Phase I, the merger between Danajamin Berhad and BPMB was completed in 2023, and phase II – the merger with SME Bank and EXIM Bank – remains part of the DFI consolidation roadmap, as announced in Budget 2020.

“I wish the board, management and staff all the very best for the future. BPMB is on sound financial footing and has the potential to have much greater impact on national development. I will now be able to dedicate more of my time to my ASEAN private equity investments and new role as chairman of ASEAN Business Advisory Council Malaysia.” Nazir concluded.

BPMB wishes to express its appreciation to Tan Sri Nazir Razak for his invaluable contributions to the Bank.

ABOUT BANK PEMBANGUNAN MALAYSIA BERHAD

Celebrating its Golden Jubilee in 2023, Bank Pembangunan Malaysia Berhad (BPMB) was incorporated on 28 November 1973 as a development financial institution to assist small- and medium-sized enterprises through financing facilities, training and advisory services.

Today, BPMB is focused on financing in sectors deemed strategic to national economic development. Owned by Minister of Finance (Incorporated), BPMB has been accorded the highest rating of ‘AAA’ by both RAM Rating Services Berhad and Malaysia Rating Corporation Berhad. It is regulated and supervised by Bank Negara Malaysia under the Development Financial Institution Act 2002.

With total group shareholders’ funds of RM8.8 billion (as at 31 December 2021), BPMB is well positioned to meet the financing and business development needs of Malaysian businesses.