Bank Rakyat MD to leave in April, MED looking for replacement


PUTRAJAYA • Bank Rakyat president/managing director Datuk Zulkiflee Abbas (picture) will end his services on April 2 this year, as well as other positions he has held since joining the bank on April 3, 2017.

Following this, the Ministry of Entrepreneur Development (MED) is currently looking at the process of appointing a new president/managing director for the bank with the party involved, including Bank Negara, the ministry said in a statement today.

“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,” said MED.

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 focused on personal loans solely but also offers retail financing products such as housing, education and vehicle, as well as loans for small and medium enterprises,” he said.

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

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

She replaced Tan Sri Shukry Mohd Salleh who was sacked immediately from the post in November 2018 following his involvement in the 1Malaysia Development Bhd original audit report.