Saudi Fransi Capital CEO Resigns – Source

The chief executive of Saudi Fransi Capital, the investment banking arm of Banque Saudi Fransi, has resigned to take up a position in the Kingdom’s royal court, a source aware of the matter told Reuters on Monday.

Yasir al-Rumayyan resigned from the bank last week after heading the business since the start of 2011. He has taken up a role which will look at projects to revamp the royal court, the source said, speaking on condition of anonymity as the information isn’t public.

Mohammed bin Salman, son of the new King Salman, was named head of the royal court on Jan. 23, replacing Khaled al-Tuwaijri as part of a reshuffle of key government posts in the wake of the death of King Abdullah.

Rumayyan has also resigned from the nine-member board of directors of the Saudi stock exchange, Tadawul, the source said. He had been a member since February 2014, according to Rumayyan’s LinkedIn page.

Both Banque Saudi Fransi and Tadawul didn’t immediately respond to a request for comment.