Khazanah appoints Nazir Razak to its board of directors

Datuk Seri Nazir Tun Razak has been appointed to Khazanah Nasional Bhd Board of Directors effective September 1, 2014.

He also relinquished his position as CIMB Group CEO, a position which he had held for 15 years, and take over as chairman of the Group from Tan Sri Md Nor Yusof.

Announcing its leadership transition plan, CIMB said Nazir will also chair an executive committee of the board (to be established), that will focus on key strategic matters and enhance the board's oversight functions.

A new Group CEO will be announced once regulatory approvals have been obtained.

Nazir joined banking group in 1989 in the corporate advisory department of CIMB Investment.

He moved to the bank’s stock-broking arm four years later, where he eventually took up the position of executive director.

On June 1, 1996, Nazir returned to CIMB Investment Bank as deputy chief executive. He later became chief executive on June 1, 1999 at the age of 33.

CIMB Group is Malaysia’s 2nd largest financial services group and the 5th largest in the Asean region.

It also has the region’s largest investment banking operations and retail bank branch network.

Nazir is credited to transforming CIMB into a leading Asean universal bank following a series of banking acquisitions in Malaysia, Singapore, Indonesia and Thailand.