His appointment will take effect on Oct 20.

Nasir has been a member of the group’s board of directors since 2015 and its senior independent director since April 2016.

He is familiar with the group’s business and is well known to both CIMB’s internal and external stakeholders.

As part of this appointment, Nasir will relinquish his positions as senior independent director and chairman of the audit committee.

He will remain as a member of the group board of directors’ audit committee, risk committee and group nomination & remuneration committee.

Nasir, who is a chartered accountant by training, will take over from Nazir Razak, who steps down today.

In welcoming his appointment, Nazir said he had known Nasir since the 1990s and had great respect for him.

“I will make myself available to assist the new chairman in any way to ensure a smooth transition.”