Nineteen eighty-nine marked the start of a career in investment banking for a graduate recruit at CIMB, then a modest merchant bank in Kuala Lumpur. Over the subsequent decades, this individual directed the firm through the volatility of the Asian financial crisis and regional expansions into Indonesia, Thailand, and Cambodia, eventually establishing CIMB as a major financial institution.
Early Education and Influences
Born in 1966 in Kuala Lumpur, Nazir Razak grew up as the youngest child of Abdul Razak Hussein, the second Prime Minister of Malaysia. His formative schooling took place at St. John's Institution and the Alice Smith School. He later moved to the United Kingdom, attending Oundle School in Northamptonshire. His academic trajectory continued at the University of Bristol, where he completed a Bachelor of Science, followed by a Master of Philosophy in Development Economics and Politics at the University of Cambridge.
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He became Senior Vice-President in 1993 and deputy CEO in 1996. By June 1999, at age thirty-two, he assumed the role of CEO. His tenure saw significant structural changes, including the merger with Bumiputra Commerce Bank in 2005 and the $1.8 billion acquisition of Southern Bank in 2006. By 2010, the group had attained the status of Malaysia's second-largest Islamic bank. He transitioned to chairman in 2014, a position he held until 2018.
Public Scrutiny and Professional Transition
During his later years at CIMB, his career faced intense scrutiny related to the 1MDB scandal. This involved a transfer of US$7 million into his personal account, which was later distributed to ruling-party politicians prior to the 2013 general election. A formal review cleared him of wrongdoing, allowing his return to duties in 2016. In 2021, he received the Panglima Setia Mahkota award. Later appointments included serving as chairman of the Malaysia Development Bank from 2021 to 2023 and co-founding the private equity firm Ikhlas Capital.
Fast facts
- Born: 1966, Kuala Lumpur
- Education: University of Bristol, University of Cambridge
- Joined CIMB: 11 September 1989
- CIMB CEO tenure: 1999–2014
- Religion: Islam
- Citizenship: Malaysia
- Awards: Panglima Setia Mahkota (2021)
Questions readers ask
What were the primary regional markets for CIMB during his leadership?
Under his guidance, CIMB expanded operations into Thailand, Indonesia, and Cambodia.
Which international organizations did he chair after 2016?
He chaired the World Economic Forum's ASEAN Regional Business Council starting in 2016 and the Malaysia Development Bank between 2021 and 2023.
Achievements
- Educated at University of Bristol and St. John's Institution
