Now Reading
Lubna Olayan named chairman of Saudi British Bank for next three years

Lubna Olayan named chairman of Saudi British Bank for next three years

Olayan, 64, became the first woman to chair a Saudi-listed company

Lubna Sulaiman Olayan has been re-appointed as the chairperson of Saudi British Bank (SABB) for the next three years, the lender announced in a bourse statement.

The bank has also appointed Saad Abdulmohsen Al-Fadly as vice chairman for the three year period from January 1, 2020 until December 31, 2022.

The decision was taken during a meeting by the board of directors on December 26, SABB said.

It has also received a no objection notice from the Saudi Arabian Monetary Authority.

Olayan, 64, became the first woman to chair a Saudi-listed company when she took on the role in 2018 following the merger between SABB and Alawwal bank.

The $5bn deal created the kingdom’s third largest lender with combined assets of SAR268bn ($71bn) and market capitalisaiton of SAR64.6bn ($17.2bn) as of the end of June 2018.

It was also the first major banking tie-up in Saudi Arabia for 20 years.

Read: Saudi British Bank, Alawwal boards approve $5bn merger

© 2020 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top