Tan Sri Nazir Razak retires as BPMB chairman

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

In a statement today, Nazir thanked the government for the opportunity to serve the BPMB over the last two eventful years.

He added that this time, the bank completed the merger with Danajamin Bhd, significantly strengthened its management bench, and improved operations and overall governance, resulting in a stronger and more integrated BPMB group. 

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

Nazir, formerly chief executive officer (CEO) and then-chairman of CIMB Group, joined BPMB in 2021 to oversee the planned consolidation of development finance institutions (DFIs). 

For Phase One, the merger between Danajamin and BPMB was completed in 2023, while the merger with SME Bank and EXIM Bank in Phase Two remains part of the DFI consolidation roadmap, as announced in Budget 2020.

"I wish the board, management and staff all the best for the future. BPMB is on sound financial footing and can potentially 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 my new role as chairman of the Asean Business Advisory Council Malaysia," Nazir said.

Ends.