In a statement today, it said DBOS would be ready to commence operations by Jan 1, 2018, following the appointment of Sim and others in its core team.

Sim, 62, will be supported by the DBOS board comprising chairman Mohamad Morshidi Abdul Ghani and members Sharkawi Alis, Christopher Adrian and Laura Lee Ngien Hion.

Sim, who has more than 30 years’ experience in the financial industry, graduated with a Degree in Commerce (Hons) from the University of Windsor, Ontario, Canada. The Sarawakian is also an associate member of the Asian Institute of Chartered Bankers.

He served as executive director, East Malaysia of Kenanga Investment Bank Bhd from 2012 to 2015. He also served with AmInvestment Bank Bhd for almost 30 years. His last position with the bank was as director of the Sarawak Region.

He joined AmInvestment Bank in 1983 in line functions, and was later promoted to key managerial positions with significant leadership roles.

During his tenure with Ambank Group, he was instrumental in grooming Sarawak-based companies for public listing besides providing corporate advisory services in fund raising via capital markets, corporate structuring as well as financial advisory on merges and acquisitions.

Sim also served as an independent director of Zecon Bhd before recently retiring.

On April 4, Sarawak Chief Minister Abang Johari Openg announced Bank Negara Malaysia’s approval for the state government to set up the new bank.

He said it would provide capital or funds for high-impact projects to further develop the state.

In particular, it would be operated on a financial model that helps fund strategic projects in line with the state’s socio-economic transformation catch-up plan (2017-2030), he said.