CIMB Group today announced that its Chairman, Datuk Seri Nazir Razak, will step down from his position as Group Chairman, and all other positions within the CIMB group of companies by 31 December 2018.

The CIMB Board of Directors (BOD) will now activate its succession plan to decide on the next Chairman and the exact date of handover.

Nazir has served CIMB for 29 years, since 1989, including as Group CEO for 15 years and as Group Chairman since 2014. Under his leadership, CIMB grew from a fledgling corporate finance franchise into a top Malaysian investment bank and was later transformed into a leading universal bank in ASEAN.

The Group was listed in 2003 with RM9.6 billion of assets and a market capitalisation of RM1.5 billion. As at 30 June 2018, the Group’s assets stood at RM515 billion, and its current market capitalisation is RM58 billion.

“It was always going to be hard to find the perfect moment for me to leave CIMB – not too soon, not too late – but always with the firm’s best interest in mind. 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.”

“After all, my career mission has been to build CIMB into a leading ASEAN financial institution. In 2014 CIMB had its first CEO transition as a universal bank and embarked on T18 to strengthen structures, processes as well as checks and balances of an organisation built at a rapid pace on transformative M&A’s and regional expansion. As T18 comes to a close CIMB is now financially strong, organisationally robust and firmly institutionalised. We have an excellent management team led by Tengku Dato’ Sri Zafrul Aziz and an impressive cadre of future leaders lined up behind them. The firm’s continued success after my departure will affirm that my CIMB mission has, indeed, been accomplished.”

Nazir’s designated successor will be announced in due course. In the next few weeks, his priorities include the completion of T18, the finalisation of CIMB’s new strategic blueprint and the smooth handover of the Chairmanship to his successor.

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