CIMB Group, one of Asean’s leading banking groups and Malaysia’s second-largest financial services provider, announced on Monday that Dato’ Sri Nazir Razak would be stepping down from his position as group chairman by the end of this year.

 

He is a younger brother of Malaysia’s former prime minister, Najib Razak.

He will also resign from all other positions within the CIMB group of companies.

He has served CIMB since 1989, including as group chief executive officer for 15 years and as group chairman since 2014.

The group has not yet revealed who will be his successor.