In this Malay name, there is no surname or family name. The name Abdul Razak is a patronymic, and the person should be referred to by their given name, Mohamed Nazir. The word "bin" or "binti"/"binte" means 'son of' or 'daughter of', respectively.
Mohamed Nazir bin Abdul Razak (born 19 November 1966) is a Malaysian banking executive who served as CEO of CIMB Group from 1999 to 2014 and as chairman from 2014 to 2018. He is the youngest son of Abdul Razak Hussein, Malaysia's Prime Minister from 1970 to 1976, and the brother of Najib Razak, who served as Prime Minister from 2009 to 2018.
Nazir began his career in 1989 as CIMB's first fresh graduate recruit. He was appointed senior vice-president in 1993, deputy CEO in 1996, and CEO in 1999 at the age of 32. During his tenure, he oversaw CIMB's response to the Asian financial crisis, the acquisition of Southern Bank in 2006, and the expansion of operations in Thailand, Indonesia, and Cambodia. The bank was affected by the 2008 global financial crisis but later recovered. Nazir was also involved in reviewing aspects of 1MDB bond transactions. By 2010, CIMB was Malaysia's second-largest Islamic bank. In 2014, he stepped down as CEO to become chairman of CIMB Group and a director of Khazanah Nasional.
His later career included involvement in the 1MDB scandal, where he came under public scrutiny for political funding but was cleared of wrongdoing after an independent review in 2016. He was appointed chair of the World Economic Forum's ASEAN Regional Business Council in 2016 and served as chairman of Malaysia Development Bank from 2021 to 2023, during which time he introduced Agenda 2025, a development impact framework, and oversaw plans to consolidate development finance institutions. He also co-founded Ikhlas Capital, a private equity firm focused on ASEAN markets.
Early life and education
Nazir Razak was born on 19 November 1966 at the Kuala Lumpur General Hospital. He is the youngest child of Malaysia's second Prime Minister, Abdul Razak Hussein, and his wife, Rahah Noah. By the time of his birth, the couple already had four sons and had long hoped for a daughter.[1] He spent much of his childhood at Sri Taman, the official residence of his father,[2] and attended St John's Primary School in Bukit Nanas from 1972 to 1976.[3] On 14 January 1976, when Nazir was nine years old, his father died from leukaemia.[4][5] He subsequently continued his education at the Alice Smith School from 1977 to 1979.[3]
From 1980 to 1985, Nazir attended Oundle School in Northamptonshire, where he served as a prefect and head of both the rugby and cadet teams. He later pursued higher education in the United Kingdom, earning a Bachelor of Science (Hons)[6] at the University of Bristol between 1988 and 1989. While there, he played football and rugby, served as President of the Malaysia and Singapore Students' Association (MASSA), and joined the Marshall Society.[3] Nazir then continued his studies at the University of Cambridge in September 1988, enrolling at Pembroke College to pursue a Master of Philosophy in the Economics and Politics of Development. During his time at Cambridge, he was a member of the Cambridge Union and remained actively involved in the MASSA as well as the Marshall Society.[3]
Career
Rise through CIMB (1989–2014)
Upon completing his studies, Nazir initially considered a career in government service, including the Malaysian diplomatic corps, in line with his father's earlier wish that one of his sons would enter the civil service.[7] However, in 1989, he began his professional career in investment banking. After evaluating offers from several firms, including Arab–Malaysian Merchant Bank, he was drawn to CIMB, which was known for its dynamic culture and challenger mentality. Although initially rejected due to his lack of accounting background and the firm's policy against hiring fresh graduates, Nazir was later given an opportunity following internal advocacy by colleagues and senior leadership. On 11 September 1989, he joined CIMB as its first-ever fresh graduate recruit, becoming employee number sixty-nine at the firm's Kuala Lumpur headquarters.[8]
As employee number sixty-nine, CIMB was a relatively small merchant bank at a time. During this period, Nazir took on diverse responsibilities, from arranging travel and accommodations for Tenaga Nasional's management to discussing valuations with international partners and distributing retail application forms to the public.[9] In April 1993, Nazir was appointed Senior Vice-President (SVP) of CIMB Securities.[10] In 1996, he was appointed deputy CEO of CIMB.[11][6] He reflected on the 1997 Asian financial crisis as a defining moment in his career. He described the crisis as the convergence of "two toxic cultures" (the greed of developed market investors and local political and financial corruption).[9] After accumulating ten years of experience across all aspects of merchant banking, Nazir was appointed CEO of CIMB on 1 June 1999, at the age of thirty-two. His appointment followed discussions with regulatory authorities, including Bank Negara, who initially hesitated due to his age but ultimately approved his leadership.[12]
In 2002, Nazir joined the Employees Provident Fund (EPF) investment panel.[13][14] In 2005, Khazanah Nasional became the largest shareholder following the merger of CIMB and Bumiputra Commerce Bank, and Nazir acquired a significant stake in the newly formed universal bank. He oversaw the $1.8 billion acquisition of Southern Bank in 2006. Although revenues were affected by the 2008 global financial crisis, CIMB's profits subsequently recovered. In 2009, the bank expanded its regional presence through the acquisition of a small Thai bank, strengthened operations in Indonesia (Bank Niaga), and opened branches in Cambodia.[15] Nazir also engaged with Malaysia's financial markets and corporate governance, notably reviewing aspects of the 1Malaysia Development Berhad (1MDB) bond transactions from 2009 onwards, highlighting concerns over pricing and distribution. His involvement in these matters exposed him to professional and personal challenges, including public scrutiny and criticism related to his family connections.[9]
By 2010, under Nazir's leadership, CIMB had grown to become Malaysia's second-largest Islamic bank with a 15% market share and played a role in the US$17.9 billion initial public offering of AIA in Hong Kong.[15] On 1 September 2014, he was appointed to the board of directors of Khazanah Nasional, Malaysia's sovereign wealth fund,[16][6] and on the same day stepped down as CEO of CIMB Group to assume the position of chairman,[17] succeeding Md Nor Yusof. In this capacity, Nazir chaired an executive committee of the board focusing on strategic matters and oversight, while continuing to serve in his concurrent roles as president commissioner of PT Bank CIMB Niaga, deputy chairman of CIMB Bank, and chairman of CIMB Investment Bank.[18]
1Malaysia Development Berhad scandal (2015–2016)
By 2015, Nazir's involvement in the 1Malaysia Development Berhad scandal became more prominent as reports in The Edge, The Wall Street Journal, and Sarawak Report highlighted questionable transactions. He engaged with state rulers, politicians, regulators, ambassadors, and Mahathir Mohamad in an effort to address the escalating crisis. Following revelations that $681 million had been transferred into his elder brother, Prime MinisterNajib Razak's personal account, Nazir faced increasing pressure, including government scrutiny.[9]
On 18 April 2016, he took a voluntary leave of absence from his role as chairman of CIMB Group while an independent review was conducted into the transfer of US$7 million to his personal account ahead of the 2013 general election. The funds, reportedly provided by Najib, were disbursed to ruling-party politicians through CIMB staff at Najib's request. Nazir confirmed the disbursements, stating he believed the money came from donations he had helped raise from Malaysian corporations and individuals for election purposes, had no knowledge of other sources, and that the account was closed with a zero balance after the transactions.[19] He maintained that his actions did not involve any illegal or inappropriate use of his position at CIMB, though he later expressed regret given the broader controversy over political funding and the scandal.[20] On 19 May 2016, CIMB announced that the investigation had cleared him of wrongdoing, and he subsequently resumed his responsibilities as chairman of CIMB Group and director of CIMB Bank.[21]
In October 2016, Nazir was appointed as the inaugural chair of the World Economic Forum's ASEAN Regional Business Council, a platform aimed at promoting trust and co-operation between the public and private sectors in the region.[22] He stepped down from the EPF investment panel on 31 May 2017 after 15 years of service.[13][14] Nazir stepped down as chairman of CIMB Group Holdings and from all other positions within the CIMB group by 31 December 2018.[23] In October 2019, the Malaysian Anti-Corruption Commission (MACC) announced it was seeking to recover up to US$100 million in fines from 80 individuals and entities alleged to have received laundered funds linked to 1Malaysia Development scandal, including Nazir. The MACC stated that he had received approximately 25.7 million ringgit in cheques, though it did not confirm whether these were the same funds reportedly transferred through his account in 2013. Nazir did not immediately respond to the announcement, which formed part of broader recovery efforts under the government of Mahathir following the 2018 general election.[24]
Nazir Razak succeeded Zaiton Mohd Hassan as non-executive chairman of Malaysia Development Bank (BPMB) on 22 April 2021.[25] At the time, he was also the chairman and founding partner of Ikhlas Capital, a private equity firm focused on ASEAN markets. During his tenure at BPMB, Nazir oversaw the planned consolidation of Malaysia's development finance institutions, including the merger with Danajamin Berhad, and implemented operational and governance enhancements. He also launched Agenda 2025, a three-year transformation strategy, and introduced the Measuring Impact on National Development framework to evaluate loans and investments. After two years, he retired from his role as non-executive chairman on 22 April 2023.[26]
Personal life
Nazir was born into a prominent Malaysian political family. His father, Abdul Razak Hussein, served as Pahang state secretary and UMNO deputy president, while his maternal grandfather, Mohamed Noah Omar, was chairman of UMNO in Johor.[27] Abdul Razak's own upbringing was shaped by his father, Hussein Taib, a district officer in Bentong, whose influence extended over some 10,000 residents.[28] Nazir comes from a family of Bugis descent and has several siblings, including his eldest brother, Najib. The family has maintained a significant presence in Malaysian public and political life.[29]
Nazir married Azlina Aziz, daughter of Abdul Aziz Taha, former governor of the Central Bank of Malaysia,[30] in 1992.[6] The couple had two children, Arman and Marissa,[31] and divorced in 2023.[6] On 17 November 2023, Nazir married Yati Zainuddin, a businesswoman whom he first met while they were both studying in the United Kingdom.[32]
In 2009, Nazir was appointed a Chevening Fellow at the Oxford Centre for Islamic Studies.[6] That same year, he became the youngest recipient of FinanceAsia's "Lifetime Achievement Award," recognising his contributions to the Asian financial markets.[33] He was further honoured with Euromoney's "Outstanding Achievement Award" in 2012. In 2015, Nazir received the Asia House Asian Business Leaders Award for promoting cooperation and partnership across ASEAN through both his business initiatives and support for research and charitable projects.[34]
Nazir continued to engage with academic and leadership institutions, serving as a member of the International Advisory Board at the Blavatnik School of Government, University of Oxford, from 2015.[35] In 2019, he was named a Transformational Leadership Fellow at the Blavatnik School,[6] and in 2023 he received the Alumni Award for Business and Industry from the University of Bristol, recognising his leadership achievements, experiences, and advocacy for regional economic integration.[36]
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