KUALA LUMPUR (May 18): Bank Pembangunan Malaysia Bhd (BPMB) has officially named Datuk Muzaffar Hisham as its chief executive officer effective May 18.
The appointment of Muzaffar, the former head of Malayan Banking Bhd’s (KL:MAYBANK) Islamic banking arm who has both local and regional experience, will be key to driving the development financial institution’s strategic direction, said chairman Datuk Sulaiman Mohd Tahir.
“We are confident that under his stewardship, BPMB will continue to play a pivotal role in driving Malaysia’s national development agenda and delivering long-term value for our stakeholders,” he said in a statement on Sunday.
The announcement also confirms The Edge Malaysia’s April 24 report about Muzaffar’s appointment to BPMB following his departure from Maybank Islamic Bhd. He left Maybank Islamic after a stint of about 13 months.
Muzaffar has racked up over 20 years of regional banking experience driving business and regionalisation strategies across various sectors, including wholesale and retail banking, investment banking, treasury, asset management, and client coverage.
“I look forward to working closely with the board, management, and stakeholders,” said Muzaffar. “Together, we will strengthen BPMB’s role as a key development financial institution, dedicated to supporting Malaysia’s socio-economic progress and sustainability ambitions.”
BPMB operates under the regulatory oversight of Bank Negara Malaysia as stipulated by the Development Financial Institution Act 2002. The company, which had total assets of RM29 billion at the end of 2023, took control of EXIM Bank and SME Bank at the end of May.