PETALING JAYA: Bank Pembangunan Malaysia Bhd (BPMB) has appointed former CIMB Group Holdings Bhd chief executive officer (CEO) and chairman Datuk Seri Nazir Razak (pic) as its chairman with immediate effect.
In a statement yesterday, BPMB said Nazir succeeds Datuk Zaiton Mohd Hassan, who retired in February after having served for two years.
Commenting on his appointment, Nazir said he was grateful for the opportunity to serve a government institution and bring the years of experience he had in the financial sector. “BPMB is a key development finance institution tasked to support companies and projects that promote socio-economic growth, ” he said in the same statement.
BPMB was incorporated in 1973 and mandated to support the Malaysian economy’s development by assisting entrepreneurs in small and medium-sized industries. Today, the bank provides medium to long-term financing to sectors of strategic importance to the nation and places particular importance on impact financing, which channels capital to address social issues and development priorities.
With a group total assets value of RM25bil as at Dec 31,2019, BPMB Group said it is well-positioned to meet the financing and business development needs of Malaysian businesses.
Meanwhile, BPMB president and group CEO Arshad Mohamed Ismail said he was looking forward to working with Nazir. “I am delighted to welcome Nazir to BPMB. 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.” Nazir is also the founding partner and chairman of regional private equity firm Ikhlas Capital.