HSBC Saudi Arabia promotes Faris Alghannam to CEO role

HSBC Holdings appointed Faris AlGhannam as its chief executive officer in Saudi Arabia to lead the bank through a period of increased capital markets activity in the biggest Gulf economy.

Alghannam, a Saudi national and currently deputy CEO, succeeds Rajiv Shukla, according to a statement. Shukla was appointed senior managing director and adviser to the regional CEO after leading HSBC Saudi Arabia since April 2019.

Alghannam has been with HSBC Saudi Arabia since 2011. He previously worked at ABN Amro Group in the UK and at Saudi Hollandi Bank in Saudi Arabia, according to his LinkedIn profile.

International banks including Citigroup and Bank of America Corp. have been expanding in the kingdom following wide-ranging economic reforms that have sparked a flurry in capital markets activity.

HSBC hired at least five bankers in Saudi Arabia in recent months and moved one of its Dubai-based managing directors to Riyadh, Bloomberg reported this year.

The bank is working on several initial public offerings, including that of a refinery subsidiary partly owned by Saudi Aramco.