(Sept 25): Nazir Razak, the brother of Malaysia’s former prime minister, has decided to step down as chairman of the country’s second-largest bank by the end of this year.

Nazir, 52, has announced his intention to step down from the board of CIMB Group Holdings Bhd. after 29 years at the company, the lender said in a statement to the stock exchange. The bank will now activate its succession plan to pick its next chairman and exact date of handover.

“It was always going to be hard to find the perfect moment for me to leave CIMB – not too soon, not too late – but always with the firm’s best interest in mind,” he said in the statement.

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