Bank Rakyat MD to leave in April, ministry seeks replacement

Zulkiflee Abbas joined Bank Rakyat in April 2017.

PUTRAJAYA: Bank Rakyat president cum managing director Zulkiflee Abbas will end his tenure on April 2 this year, as well as other positions he has held since joining the bank on April 3, 2017.

The ministry of entrepreneur development (MED) is currently discussing Zulkiflee’s successor with several parties, including Bank Negara.

“The development shows a positive direction for Bank Rakyat, in line with its commitment in fostering transparency in its operations, in accordance with current regulatory compliance and global best practices in the banking industry,” MED said in a statement today.

Meanwhile, Zulkiflee said Bank Rakyat had diversified its products for all levels of consumers.

“Since two years ago, we have successfully diversified our products, which not only focuses on personal loans but also offers retail financing products such as housing, education and vehicle, as well as loans for small and medium enterprises,” he said.

He expressed gratitude to the MED, the board of directors and all stakeholders who had given their support in implementing the transformation strategy.

On Dec 6 last year, Entrepreneur Development Minister Mohd Redzuan Yusof announced the appointment of former adviser to CIMB Islamic Noripah Kamso as the new Bank Rakyat chairman.

She replaced Shukry Mohd Salleh who was sacked in November 2018 due to his involvement in the original audit of the 1MDB report.