KUALA LUMPUR: CIMB Group Holdings Bhd has announced the appointment of Datuk Syed Zaid Albar as its new Group Chairman, succeeding Tan Sri Mohd Nasir Ahmad, who will retire on 19 July. The appointment will take effect from 20 July, following Syed Zaid’s induction as an independent, non-executive director on 18 June.
With over four decades of experience in the legal and capital markets sectors, Syed Zaid brings a wealth of knowledge and expertise to the role. A founding partner of the law firm Albar & Partners, he notably served as Executive Chairman of the Securities Commission Malaysia between 2018 and mid-2022.
In addition to his regulatory experience, Syed Zaid has held directorships in various public-listed entities, including Yinson Holdings Bhd, Cycle & Carriage Bintang Bhd, Malaysian Pacific Industries Bhd and Malaysia Building Society Bhd.
Tan Sri Mohd Nasir, who has chaired CIMB for the past ten years, expressed his confidence in Syed Zaid’s appointment, citing the latter’s broad-based corporate and regulatory background.
“His distinguished leadership and extensive corporate experience across the legal, financial and regulatory landscape will bring valuable perspective in guiding CIMB through its next chapter of growth and transformation. We are confident that his stewardship will provide strong guidance in driving the success of the Group’s Forward30 strategic plan,” he said.
Group Chief Executive Officer Datuk Abdul Rahman Ahmad also welcomed the appointment, expressing his anticipation of Syed Zaid’s contributions as the Group progresses with its Forward30 strategic initiative.
“We look forward to his guidance as we execute our Forward30 strategic plan over the next six years, driven by our purpose of advancing customers and society. Our ambition is to be the leading ASEAN bank, reimagining banking by seamlessly integrating into our customers’ lives while keeping them at the core of everything we do,” said Abdul Rahman.
He also acknowledged the significant contributions of Mohd Nasir, whose decade-long tenure saw meaningful progress for CIMB.
As at Monday’s close, CIMB shares declined by 1% or 7 sen to RM6.75, giving the Group a market capitalisation of RM72.58 billion. Year-to-date, the counter has registered a decline of 17.7%.
-The Edge Malaysia
