CIMB Group Holdings is poised to appoint Datuk Syed Zaid Albar, the former head of Malaysia’s Securities Commission, as its next chairman, Bloomberg reported, citing sources familiar with the matter.

Datuk Syed is expected to succeed current chairman Nasir Ahmad, who is set to retire after nearly a decade on the board and having served as chairman since 2018.

The appointment is still pending regulatory approval, according to the sources, who requested anonymity due to the confidential nature of the discussions.

Datuk Syed served as executive chairman of the Securities Commission from 2018 until 2022 and was previously the founding partner of the legal firm Albar & Partners.

During his tenure at the SC from 2018 to 2022, Syed Zaid led the regulator through the COVID-19 pandemic, focusing on market stability and continuity.

He also advanced initiatives in sustainability, Islamic finance, and innovation, including the launch of the Capital Market Masterplan 3 in 2021.

Featured image: Edited by Fintech News Malaysia, based on image by awaisbinaziz7862 via Freepik