Nazir Razak retires as Bank Pembangunan chairman

Bank Pembangunan Malaysia Bhd (BPMB) has announced that Nazir Razak will retire from his role as its non-executive chairman on April 22 after having served in that role for two years.

“I would like to thank the government for the opportunity to serve BPMB over the last two eventful years.

“During this time, we successfully completed the merger with Danajamin, significantly strengthened our management bench and improved operations and overall governance, resulting in a stronger and more integrated BPMB group today,” Nazir said.

“We also launched Agenda 2025, which is a three-year transformation plan, and embedded an objective method for evaluating loans and investments with our measuring impact on national development framework.”

Nazir joined BPMB in 2021 to oversee the planned consolidation of development finance institutions. This resulted in the merger with Danajamin Bhd, whereas the merger with Small Medium Enterprise Development Bank Malaysia Bhd and Export-Import Bank of Malaysia Bhd remains part of the DFI consolidation roadmap, as announced in Budget 2020.

“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 said.

BPMB meanwhile expressed its appreciation to Nazir for his contributions to the bank.