KUALA LUMPUR: CIMB Group Holdings Bhd, Malaysia’s second largest lender by assets, announced that Datuk Mohd Nasir Ahmad and Datuk Lee Kok Kwan have become directors of CIMB Group and CIMB Bank respectively effective yesterday.

While Mohd Nasir takes on the role as independent and non-executive director, Lee is now a non-independent and non-executive director.

“Datuk Mohd Nasir Ahmad and Datuk Lee have played pivotal roles in governance and advisory and have deep experience in finance. With them as our newest members, they will further strengthen our board given their credibility and stature.

“The management team and I look forward to working with them", said CIMB Group chief executive officer (CEO) Tengku Datuk Zafrul Tengku Abdul Aziz in a statement yesterday.

CIMB Group (fundamental: 1.05; valuation: 2.25) said Mohd Nasir brings with him  vast experience in the area of finance and accounting which spans over 35 years, where he has held key positions in private and government-linked companies.

Currently, Mohd Nasir sits on the boards of Sumatec Resources Bbd, Bina Darulaman Bhd, Credit Guarantee Corp Malaysia Bhd, Small Medium Enterprise Development Bank Malaysia Bhd, Mimos Bhd and Prokhas Sdn Bhd.

He is also chairman of UKM Holdings Sdn Bhd and a board member of University Kebangsaan Malaysia, the Energy Commission, the Listing Committee of Bursa Malaysia, and the Board of Trustees of Yayasan Canselor Universiti Tenaga Nasional.

Meanwhile, Lee, who is the deputy group CEO as well as CEO of corporate banking, treasury and markets, will be relinquishing all executive positions he holds within the group with effect from the same date.

CIMB group closed two sen or 0.36% higher at RM5.50 yesterday, which gives it a market capitalisation of RM46.61 billion.

This article first appeared in The Edge Financial Daily, on July 21, 2015.