Nazir Razak ready to leave CIMB Group?


June 30, 2018

Nazir Razak ready to leave CIMB Group?

http://www.malaysiakini.com

When an Outstanding Banker like Nazir Razak decides to leave before his term of office ends, there’s bound to be speculation. In this particular case, the man who is at the center of this Star newspaper report happens to be  the younger brother of  former Malaysian Prime Minister Najib Razak.

 

Image result for CIMB Banking Group in Cambodia

“In six years, we have expanded from two branches to 12 branches as well as 14 off-site self-service terminals. We presently have over $450 million in assets, making us the 13th largest commercial bank in Cambodia. We intend to be in Cambodia for the long term and we feel it is important to grow sustainably and to invest in developing our local talent pool. Regionally, CIMB Group is ASEAN’s fifth-largest universal bank. Over the past decade, the group has been one of the fastest-growing banks in the region”. Bun Yin, CEO of CIMB Bank, Cambodia

 

A Cambodian friend of mine who heads CIMB Bank operations (pic above) in Cambodia alerted me of this possibility a couple of days ago. My response was that he should not listen to rumours.  Chairman Nazir is well known in the Kingdom where CIMB Bank operates a very successful and profitable network of bank branches.

I am not privy to what is happening in the Malaysian corporate scene post May 9 GE-14. I have been away from the country since 2014.  But I hope that the impending departure of Chairman Nazir has nothing to do with politics.  Ideally, I would like him to either remain with the CIMB Group, or be given some key appointment elsewhere so that his talent,  professional  competence, reputation for integrity, and wide experience can be used for  the benefit of the New Malaysia.–Din Merican

 

Image result for CIMB Banking Group Chairman Nazir Razak

CIMB Group chairperson Nazir Razak will leave the banking group when his term ends next March, reported The Star today.

The youngest brother of former Prime Minister Najib Razak has informed the CIMB Board of Directors that he will not seek re-election as chairperson, a post he has held since 2014.

He has also served as CIMB chief executive officer (CEO) for 15 years. “He (Nazir) has told the board that he will leave and not seek re-election. The board is already searching for a successor,” said the source.

Malaysiakini has contacted Nazir for his response. Speculation has been rife that Nazir could leave earlier than March. The source however said thus far, there has been no indication of him being “told to go”. “He has not been called in by the Council of Eminent Persons (CEP) or anyone else,” the source was reported as saying.

 

The CEP is headed by former Finance Minister Daim Zainuddin, and was set up to advise the new Pakatan Harapan government on how to achieve its economic promises in 100 days as per its election manifesto.

CEP is also looking into the performance of government-linked companies (GLCs) and reviewing the appointments of key executives. Several CEO at GLCs as well as government-linked investment companies (GLICs) have already vacated their positions following the change in government.

Nazir is prepared to go earlier than the expiry of his term if he is told to do so, according to another source.

10 thoughts on “Nazir Razak ready to leave CIMB Group?

  1. Your comments on this matter will be useful for me to understand what is happening. People expect change and GLC revamp under New Malaysia government. But when good people are affected, the perception overseas especially is not good. –Din Merican

    • Nazir is one smart guy…under his leadership all was great till the moron brother came along..

  2. Politics and banking should not be mixed. If any banker had violated banking laws than he should be made accountable for the violation. Otherwise, he should not be victimized.

  3. Sad that talented professionals might be dragged into this mess of 1MDB/Najib, for reasons known to themselves,

    The main concern is,
    whether Cimb under Nazir has breached the rule of law involoving money laundering. .

  4. Its hard to believe that people are suggesting/seeking a pass for Nazir. It seems clear that Nazir handled laundered money at least once through the bank he headed per past news reports (with reports saying it was not just once but 7 additional times ) probably at the request of his brother -how is this not a crime under existing law-are people suggesting he gets off without any penalty because of his undoubted contributions and likeability and he was under pressure from his brother -since when does this justify a pass for breaking the law.A counter clerk wud go to jail-why shud anyone higher up the ladder be treated differently.The law shud be applied without fear or favour-should it not?
    The other matter of course is the culpability of the entire BOD of the Bank if they did cover ass -they were presumably informed subsequently and then did nothing or did they cover themselves in the BOD Minutes with perhaps a letter to Bank Negara as to their deliberations and actions in response to such.
    We do not know

    • All members of the BOD were shivering because whatever the do they will be wronged. So why not do nothing .

  5. In April 2016 it was revealed that RM28M (US$7M) was transferred to his personal account for political funding from his brother. Anyway, he was cleared as he claimed that he has knowledge that his brother had received a donation and do not suspect anything out of the ordinary,
    but that is in breached of AMLA.

  6. Since Harapan’s cabinet that can afford to do without Tony Pua, and Nurul Izzah, why couldn’t CIMB do without Nazir Razak. Nation’s loss. Surprise the world with Nurul Izzah leading CIMB next. But, doubt that would be the case.

  7. Who cleared him when Nazri handled his brother’s loot? The same board members would not have done anything better for Nazri to go on leave and return to take over again after 6 months. Nazri may have the good managerial skills but again was he honest when he handled his brother’s loot to disperse to UMNO corrupts. From certain mistakes Nazri committed either knowingly or unknowingly so it is still wrong from the banking laws and therefore it is honorable to go without being told to do so.

    To make a transfer of merely few ringgit to another person using e-banking facilities available today, it is mandatory to state the reason for such transfer failing which it is denied. Having such stringent banking laws to ordinary people, do the banks have another set of special hidden laws for their CEOs and other VIPs of higher stature to transfer funds without being questioned.

    The guy AA from Cambodia is talking from his personal emotions and sentiments as if there couldn’t be any replacement if they lost the services of Nazri. If the new Government felt that the rule of law which they boast of should take place then let it be their way to please the citizens.

  8. He has taken too much money from us. Why is still around. He messed the book during Asian Financial crisis, packed his bag for 1 year paternity leave in London. After all the mess cleared, he came back as CEO of the bank. The poor and hard working then CEO, his hair almost gone. I am sure this is called “escape talent” or Chinese called tai chi

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.