CIMB Group Chairman Nazir Razak, the brother of former Malaysian Prime Minister Najib Razak, is contemplating his future.
The ousting of the old regime in Malaysia has had repercussions on supporters and colleagues of Najib Razak, the ex prime minister, with a number of key positions changing hands. Now the chairman of the country's second-largest bank, CIMB, Nazir Razak, is about to depart to set up his own fund, according to a report by Malaysian publication «The Star».
The report claims Nazir informed the CIMB board that he would not be seeking re-election and leave when his term is up in August 2019. The board has initiated a hunt for his successor, according to the report.
Chairman Clarifies
Responding to the article, Nazir issued his own statement in which he clarified his position. «My current term as chairman of CIMB Group ends in August 2019 and I have not decided whether I will seek an extension nor have I had any communication with anyone or any bodies about my position.»
«The CIMB chairmanship is decided by the board, shareholders and Bank Negara Malaysia, and if at any time one of them would like me to step aside I must and I would. I have spent 29 years here – my only job – and I will always do what is best for CIMB,» Nazir said.
1MDB Critic
Nazir was critical of the business dealings of sovereign wealth fund 1Malaysia Development Berhad, better known as 1MDB, during his brother's tenure as prime minister. CIMB never participated in any of 1MDB’s business.
