BPMB announced today that Nazir would replace Zaiton Mohd Hassan who retired in February after serving the financial institution for two years.

Nazir, the son of second prime minister Abdul Razak Hussein, said he was honoured to be given the opportunity to serve BPMB, bringing with him the years of experience he has in the financial sector.

“BPMB is a key development finance institution tasked to support companies and projects that promote socio-economic growth,” he said.

Nazir is the chairman and founding partner of Ikhlas Capital, an Asean private equity fund manager. He was the chief executive officer of CIMB Group for 15 years before going on to become its chairman for four years.

Previously, he had also been the non-executive director of Khazanah Nasional Bhd for four years and a member of the Employees Provident Fund’s investment panel for 15 years.

BPMB is owned by Ministry of Finance Inc and owns assets valued at RM25 billion as at Dec 31, 2019.

Incorporated in November 1973, it was given the mandate to assist entrepreneurs in small- and medium-sized industries thus supporting the growth of the economy.