NAZIR Razak is set to leave the CIMB banking group and its board is looking for a successor, The Star reports today.

Quoting sources, the English daily said the chairman of the country’s second largest bank wants to stay until the end of his current term, which ends next March, but is willing to exit the bank earlier if the authorities want him out sooner.

Nazir has informed the CIMB board of directors that he will not be seeking a re-election as chairman and will leave next March, it said.

“He (Nazir) has told the board that he will leave and not seek re-election,” the source told the paper although there was no indication that he was “told to go”.

“He has not been called in by the Council of Eminent Persons (CEP) or anyone else,” the source said, referring to the council headed by Daim Zainuddin.

“The question is whether he will stay until the end of his current term which ends in March next year or exit the bank earlier than that,” the report added.

Another source close to CIMB said the youngest brother of former prime minister Najib Razak was, however, prepared to go earlier before his current term ends if he were told to do so.

“His (Nazir’s) position is clear. If the new administration wants him to leave before his term ends, he will go,” one source was quoted as saying.

The report added that Nazir is expected to head a regional private equity fund seeking to raise as much as US$1 billion (RM4.04 billion).  

“(The fund) has already attracted some interest from a couple of local high-net worth individuals,” it said of the idea Nazri has been working on with some of his ex-CIMB associates since last year. 

The source added that despite the 1Malaysia Development Bhd (1MDB) failure that has tainted his brother and by default, him, Nazir remains a relatively respected banker.

Yesterday, The Malaysian Insight reported that several top bankers in government-linked companies have been asked to leave. 

It is also understood that the top officials of two GLICs are expected to step down.

A number of high-profile chief executives, directors, chiefs and ambassadors will end their service today. – June 30, 2018.