CIMB Group CEO Tengku Dato’ Sri Zafrul Is Malaysia’s New Minister Of Finance

Alex Cheong Pui Yin

10th March 2020 - 2 min read

(Image: Prospect Asean)

Tengku Dato’ Sri Zafrul, the Group CEO and CEO of CIMB Bank Berhad, has been appointed as the new Minister of Finance by Prime Minister Tan Sri Dato’ Haji Muhyiddin Yassin on Monday. He is part of Malaysia’s new Cabinet line-up, announced by the prime minister yesterday.

Consequently, Zafrul has resigned from his posts as Group CEO and CEO of CIMB Bank, as well as all other board positions effective immediately. He will also have to be appointed as a senator before officially taking on the role of the Minister of Finance, given his non-political background.

“I am humbled by this enormous responsibility, especially at a time when the country is facing unprecedented economic challenges. I undertake to give my best to the nation and am looking forward to serve with all the relevant stakeholders in ensuring we remain steadfast and in the spirit of inclusivity, work together to realise our collective aspirations,” said Zafrul.

Kudat MPD Datuk Abdul Rahim Bakri (left); Paya Besar MP Mohd Shahar Abdullah (right)

Zafrul will be assisted in his new role by two deputies: UMNO’s Kudat MPD Datuk Abdul Rahim Bakri and Paya Besar MP Mohd Shahar Abdullah.

Zafrul served the CIMB Group for six years after rejoining it in 2014, and is commended to have accomplished an outstanding job in leading the bank according to its strategic plans.

“His [Zafrul’s] energy and commitment to CIMB will be difficult to match, but he leaves behind a better organisation with a stronger footing where he has united and instilled a strong CIMB culture,” said the chairman of CIMB Group Holdings Berhad, Datuk Mohd Nasir Ahmad.

In place of Zafrul, the CIMB Group Board has appointed Omar Siddiq, currently the Group Chief Operating Officer, as Officer-In-Charge for CIMB Group and CIMB Bank Berhad. This marks a start to the group’s succession plan.

(Source: Malay Mail)

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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