RETAIL BANKING | Staff Reporter, Malaysia

CIMB group chairman Dato' Sri Nazir Razak to retire

He has been with the bank for nearly three decades.

CIMB group chairman Dato’ Sri Nazir Razak will be stepping down from his position effective December 31, 2018.

An industry veteran, Dato’ Sri Nazir Razak has been with the bank for 29 years since 1989 where he spent 15 years as group CEO and four years as group Chairman. Under his leadership, CIMB was able to achieve breakneck pace of growth with assets standing at $1.25b (RM5.15b) and market cap of $14.03b (RM58b).

His exit comes just CIMB’s four-year recalibration plan, T18, reaches completion.

“Over the past few weeks I have spent a lot of time thinking about it and decided that it would be most appropriate for me to leave upon the completion of T18, CIMB’s four-year recalibration plan launched in 2014,” he said. “As T18 comes to a close, CIMB is now financially strong, organisationally robust and firmly institutionalised.”

His designated successor has yet to be disclosed.

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