15 hours ago
CIMB names ex-SC chief Syed Zaid Albar as chairman
Datuk Syed Zaid Albar - RAJA FAISAL HISHAN/The Star
PETALING JAYA: Former head honcho of Securities Commission Malaysia (SC), Datuk Syed Zaid Albar will take over as group chairman of CIMB Group Holdings Bhd from Tan Sri Mohd Nasir Ahmad, effective July 20, 2025, with the latter retiring on July 19 this year.
In line with the transition, Syed Zaid will be appointed as an independent non-executive director effective June 18, 2025.
Mohd Nasir said Syed Zaid's leadership and extensive corporate experience across legal industry, 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 in a statement.
Mohd Nasir had served CIMB as a board member for 10 years, since 2015, holding the position of group chairman since 2018.
The statement said under his leadership, the group has grown to be one of the largest financial institutions in Asean with total assets of RM755.1bil as at Dec 31, 2024 and a market capitalisation of RM75.2bil as at March 31, 2025.
Syed Zaid's appointment as CIMB's group chairman is in line with market speculations earlier this month.
Prior to his time in the SC, Syed Zaid was a lawyer with four decades of experience across a broad range of practice areas, with a strong focus on financial services and corporate advisory.
As one of the founding partners of Albar & Partners, he has also established himself in Malaysia's capital market and legal landscape, particularly in debt and equity finance, including Islamic finance.
His contributions have earned him multiple recognitions for his involvement in notable capital market transactions.
In 2018, Syed Zaid stepped away from legal practice to assume the role of executive chairman of the SC, a position he held until mid-2022.
During his tenure at the SC, Syed Zaid played a key role in strengthening the governance, regulatory oversight and the development of Malaysia's capital markets, both domestically and internationally.
As SC's chairman, he represented the SC in various capacities, on the local and international stage. Domestically, one of the key roles was representing SC as a member of the BNM Financial Stability Committee and a member of the Board of Trustee of The Financial Reporting Foundation.
At the international front, he represented SC as a board member of the International Organisation of Securities Commissions (IOSCO), the Asia Pacific Regional Committee of IOSCO, and the Asean Capital Markets Forum comprising heads of capital market regulators from all 10 Asean jurisdictions, with the primary responsibility of promoting the integration and development of capital markets within Asean.
He rejoined Albar & Partners in early 2023 as a senior partner, taking on an advisory role and professional development.
Previously, Syed Zaid served the boards of numerous public listed companies, including Yinson Holdings Bhd , Cycle & Carriage Bintang Bhd, Malaysian Pacific Industries Bhd and Malaysia Building Society Bhd .
In 2024, CIMB was the top arranger of bond and share sales in Malaysia. In March, the bank had announced a six-year plan to accelerate growth.
