Rise through CIMB (1989–2014) Upon completing his studies, Nazir initially considered a career in government service, including the
Malaysian diplomatic corps, in line with his father's earlier wish that one of his sons would enter the
civil service. However, in 1989, he began his professional career in investment banking. After evaluating offers from several firms, including
Arab–Malaysian Merchant Bank, he was drawn to
CIMB, which was known for its dynamic culture and challenger mentality. Although initially rejected due to his lack of accounting background and the firm's policy against hiring fresh graduates, Nazir was later given an opportunity following internal advocacy by colleagues and senior leadership. On 11 September 1989, he joined CIMB as its first-ever fresh graduate recruit, becoming employee number sixty-nine at the firm's Kuala Lumpur headquarters. As employee number sixty-nine, CIMB was a relatively small merchant bank at a time. During this period, Nazir took on diverse responsibilities, from arranging travel and accommodations for
Tenaga Nasional's management to discussing valuations with international partners and distributing retail application forms to the public. In April 1993, Nazir was appointed Senior Vice-President (SVP) of CIMB Securities. In 1996, he was appointed deputy CEO of CIMB. In 2005,
Khazanah Nasional became the largest shareholder following the merger of CIMB and
Bumiputra Commerce Bank, and Nazir acquired a significant stake in the newly formed universal bank. He oversaw the $1.8 billion acquisition of
Southern Bank in 2006. Although revenues were affected by the
2008 global financial crisis, CIMB's profits subsequently recovered. In 2009, the bank expanded its regional presence through the acquisition of a small Thai bank, strengthened operations in Indonesia (
Bank Niaga), and opened branches in Cambodia. Nazir also engaged with Malaysia's financial markets and corporate governance, notably reviewing aspects of the
1Malaysia Development Berhad (1MDB) bond transactions from 2009 onwards, highlighting concerns over pricing and distribution. His involvement in these matters exposed him to professional and personal challenges, including public scrutiny and criticism related to his family connections. succeeding Md Nor Yusof. In this capacity, Nazir chaired an executive committee of the board focusing on strategic matters and oversight, while continuing to serve in his concurrent roles as president commissioner of PT Bank CIMB Niaga, deputy chairman of CIMB Bank, and chairman of CIMB Investment Bank.
1Malaysia Development Berhad scandal (2015–2016) By 2015, Nazir's involvement in the
1Malaysia Development Berhad scandal became more prominent as reports in
The Edge,
The Wall Street Journal, and
Sarawak Report highlighted questionable transactions. He engaged with state rulers, politicians, regulators, ambassadors, and
Mahathir Mohamad in an effort to address the escalating crisis. Following revelations that $681 million had been transferred into his elder brother,
Prime Minister Najib Razak's personal account, Nazir faced increasing pressure, including government scrutiny. He maintained that his actions did not involve any illegal or inappropriate use of his position at CIMB, though he later expressed regret given the broader controversy over political funding and the scandal. On 19 May 2016, CIMB announced that the investigation had cleared him of wrongdoing, and he subsequently resumed his responsibilities as chairman of CIMB Group and director of CIMB Bank.
Beyond CIMB (2016–present) ,
Nguyễn Xuân Phúc,
Mari Elka Pangestu and Nazir at the World Economic Forum Annual Meeting 2017 in
Davos In October 2016, Nazir was appointed as the inaugural chair of the
World Economic Forum's
ASEAN Regional Business Council, a platform aimed at promoting trust and co-operation between the public and private sectors in the region. He stepped down from the EPF investment panel on 31 May 2017 after 15 years of service. In October 2019, the
Malaysian Anti-Corruption Commission (MACC) announced it was seeking to recover up to US$100 million in fines from 80 individuals and entities alleged to have received laundered funds linked to 1Malaysia Development scandal, including Nazir. The MACC stated that he had received approximately 25.7 million
ringgit in cheques, though it did not confirm whether these were the same funds reportedly transferred through his account in 2013. Nazir did not immediately respond to the announcement, which formed part of broader recovery efforts under the
government of Mahathir following the
2018 general election. Nazir Razak succeeded Zaiton Mohd Hassan as non-executive chairman of
Malaysia Development Bank (BPMB) on 22 April 2021. At the time, he was also the chairman and founding partner of Ikhlas Capital, a
private equity firm focused on ASEAN markets. During his tenure at BPMB, Nazir oversaw the planned consolidation of Malaysia's development finance institutions, including the merger with Danajamin Berhad, and implemented operational and governance enhancements. He also launched Agenda 2025, a three-year transformation strategy, and introduced the Measuring Impact on National Development framework to evaluate loans and investments. After two years, he retired from his role as non-executive chairman on 22 April 2023. ==Personal life==