Nazir Razak

Last updated

Nazir Razak
ناظر رازق
Nazir Razak at the Australia-ASEAN Business Forum 2025 - 04.jpg
Nazir in 2025
Born
Mohamed Nazir bin Abdul Razak

(1966-11-19) 19 November 1966 (age 58)
Kuala Lumpur General Hospital, Kuala Lumpur, Malaysia
Education
Occupation Banker
Spouse(s)
Azlina Aziz
(m. 1992;div. 2023)

Yati Zainuddin
(m. 2023)
Children2
Parents
Relatives
Website www.nazirrazak.my

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.

Contents

Nazir was educated in Malaysia and the United Kingdom, attending Oundle School before studying economics at the University of Bristol and completing a Master of Philosophy in Development Economics and Politics at Cambridge. He was involved in student organisations, including MASSA, the Marshall Society, and the Cambridge Union.

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 Minister Najib 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]

Nazir in 2017 Nazir Razak at the Davos 2017.jpg
Nazir in 2017

Beyond CIMB (2016–present)

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]

Awards and honours

Awards

Nazir at the Australia-ASEAN Business Forum 2025 Australia-ASEAN Business Forum 2025 - 17.jpg
Nazir at the Australia–ASEAN Business Forum 2025

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]


Honours

References

  1. Nazir 2021, p. 18.
  2. Nazir 2021, p. 22.
  3. 1 2 3 4 Shariff Ahmad (2001). Tun Razak: Prince of Titiwangsa (PDF). Utusan Publications & Distributors. pp. 34–35. ISBN   978-967-61-1238-5.
  4. Nazir 2021, p. 28.
  5. "United Kingdom: Malaysian Prime Minister dies in London Hospital". British Pathé . 14 January 1976. Archived from the original on 29 August 2025. Retrieved 29 August 2025.
  6. 1 2 3 4 5 6 7 "About Me". Nazir Razak. Archived from the original on 18 August 2025. Retrieved 29 August 2025.
  7. Nazir 2021, p. 80–81.
  8. Nazir 2021, p. 85–86.
  9. 1 2 3 4 Wright, Chris (8 November 2021). "Nazir Razak: Reflections on CIMB, 1MDB and a family name". Euromoney . Archived from the original on 7 February 2025. Retrieved 29 August 2025.
  10. Nazir 2021, p. 107.
  11. Nazir 2021, p. 139.
  12. Nazir 2021, p. 156.
  13. 1 2 Chong, Jin Hun (23 May 2017). "Nazir to step down from EPF investment panel". The Edge Malaysia . Archived from the original on 29 August 2025. Retrieved 29 August 2025.
  14. 1 2 "Nazir Razak leaving EPF panel, tenure ends this month". New Straits Times . 22 May 2017. Archived from the original on 23 May 2017. Retrieved 29 August 2025.
  15. 1 2 Montlake, Simon (5 January 2012). "Setting The Stage - Nazir Razak, CEO Of Malaysia's CIMB Bank". Forbes . Archived from the original on 16 August 2025. Retrieved 29 August 2025.
  16. "Dato' Sri Nazir Razak appointed to Khazanah Board of Directors". Khazanah Nasional Berhad. 3 July 2014. Archived from the original on 18 July 2025. Retrieved 29 August 2025.
  17. "CIMB shares down after Nazir Razak resigns as CEO". The Star . 4 July 2014. Archived from the original on 11 June 2016. Retrieved 29 August 2025.
  18. "Nazir Razak to resign as CIMB Group CEO, becomes chairman on Sept 1". New Straits Times. 3 July 2014. Archived from the original on 17 October 2023. Retrieved 29 August 2025.
  19. "Malaysian Prime Minister's brother takes leave from bank chairman role amid funds inquiry". ABC News . 18 April 2016. Archived from the original on 25 July 2016. Retrieved 29 August 2025.
  20. "Turning the screw". The Economist . 21 April 2016. Archived from the original on 25 October 2020. Retrieved 29 August 2025.
  21. Middleton, Rachel (20 May 2016). "Malaysia 1MDB scandal: Prime minister's brother Nazir Razak cleared of wrongdoing by CIMB bank". International Business Times. Retrieved 29 July 2016.
  22. "World Economic Forum Launches ASEAN Regional Business Council Supported by 55 Major Companies".
  23. "Nazir Razak to leave CIMB after 29 years". New Straits Times. 24 September 2018. Archived from the original on 29 August 2025. Retrieved 29 August 2025.
  24. "Malaysia fines Najib's brother, ex-ministers in 1MDB case". Al Jazeera . 7 October 2019. Archived from the original on 30 April 2025. Retrieved 29 August 2025.
  25. "BPMB appoints Nazir Razak as new chairman". Bernama . 22 April 2021. Archived from the original on 29 August 2025. Retrieved 29 August 2025.
  26. "Nazir Razak Ends Tenure As Bpmb Chairman". Bernama. 20 April 2023. Archived from the original on 29 August 2025. Retrieved 29 August 2025.
  27. Nazir 2021, p. 26.
  28. Nazir 2021, p. 33–34.
  29. Studwell, Joe (2008). Asian Godfathers: Money and Power in Hong Kong and South East Asia. Profile Books. p. 276. ISBN   978-1-86197-711-3.
  30. Nazir Razak [@nazir.razak]; (2 April 2016). "Happy 80th Birthday to my father in law, TS Aziz Taha. Always remember my first meal as Azlina's boyfriend in 1989; ex BNM Governor grilled me about inflation!" via Instagram.
  31. "BIODATA OF DATO' SRI MOHAMED NAZIR ABDUL RAZAK". Wawasan Open University. Retrieved 16 October 2015.
  32. Umavathi Ramayah (17 November 2023). "Nazir Razak selamat bernikah dengan Yati Zainuddin". Astro Awani. Archived from the original on 1 December 2023. Retrieved 29 August 2025.
  33. "Dato' Sri Nazir Razak". www.cimb.com. Archived from the original on 11 February 2017.
  34. "Nazir Razak honoured with prestigious award". Free Malaysia Today . 15 October 2015. Archived from the original on 16 October 2015. Retrieved 29 August 2025.
  35. "Dato' Sri Nazir Razak | Blavatnik School of Government". University of Oxford. Retrieved 22 December 2015.
  36. Grace (25 January 2023). "'For me, the most important trait for business and personal success is to understand oneself': 2023 Alumni Award winner, Nazir Razak (BSc 1988), on a lifetime of building organisations". University of Bristol Alumni Blog. Archived from the original on 21 May 2025. Retrieved 29 August 2025.
  37. "Over 1,200 conferred federal awards, medals by king". Bernama. 13 November 2021. Archived from the original on 6 November 2024. Retrieved 29 August 2025 via MalaysiaNow.
  38. 1 2 "Semakan Penerima Darjah Kebesaran Bintang Dan Pingat". Laman Web Rasmi Bahagian Istiadat Dan Urusetia Persidangan Antarabangsa (in Malay). Retrieved 29 August 2025.
  39. "Yang Berbahagia Dato' Sri Mohamed Nazir bin Tun Abdul Razak". Laman Web Rasmi Darjah Dan Bintang Kebesaran Serta Pingat (in Malay). Archived from the original on 29 August 2025. Retrieved 29 August 2025.

Bibliography