Skip to main content

Saudi biggest lender names new CEO in new top reshuffle

1 min

Saudi Arabia's biggest lender has appointed a new chief executive to lead the bank, replacing its former acting CEO who was appointed to the role a year ago in the turmoil following the fall of Credit Suisse. 

The kingdom's biggest bank by assets had invested 5.5 billion riyals to buy the stake in Credit Suisse in 2022 and became its top shareholder © Mena Today 

Saudi Arabia's biggest lender has appointed a new chief executive to lead the bank, replacing its former acting CEO who was appointed to the role a year ago in the turmoil following the fall of Credit Suisse. 

Saudi National Bank (SNB) said on Wednesday its board had accepted the resignation of acting CEO Talal Ahmed Al Khereiji due to "personal circumstances".

He was named acting chief executive in March last year as part of a reshuffle at the top of SNB as it took a loss of more than $1 billion on its stake of almost 9.9% in Credit Suisse.

The kingdom's biggest bank by assets had invested 5.5 billion riyals to buy the stake in Credit Suisse in 2022 and became its top shareholder.

Comments by SNB's former chairman Ammar Al Khudairy in March last year exacerbated a crisis of confidence in the Swiss lender, resulting in a major sell-off and a government-arranged takeover by domestic rival UBS.

On Wednesday, SNB said in a bourse filing that new CEO Tareq Abdulrahman Al Sadhan would start his new role on May 1.

He joins from regional lender Riyad bank, where he served as chief executive until December last year.

Reporting by Federico Maccioni and Pesha Magid

Tags

Related

Saudi Arabia

Saudi Arabia inflation remains at 1.6% in May

Saudi Arabia's annual inflation rate remained at 1.6% for the third month running in May, government data showed on Sunday, with higher housing rents still the main driver.

Subscribe to our newsletter

Mena banner 4

To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.

  • Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.