Nazir Razak to retire as chairman of Bank Pembangunan on April 22

KUALA LUMPUR: Tan Sri Nazir Razak will retire from his position as non-executive chairman of Bank Pembangunan Malaysia Bhd (BPMB) upon the completion of his two-year tenure on April 22, 2023.

Nazir, formerly the CEO of BPMB and then-chairman of CIMB Group, joined the bank in 2021 with a view to overseeing the planned consolidation of development finance institutions.

Phase I, the merger between Danajamin Bhd 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.

“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,” he said in a statement issued by BPMB.

He said BPMB is on sound financial footing and has the potential to have a 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," he added.