By Royal Decree... Fahad Al-Mubarak Appointed Governor of the Saudi Central Bank
The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, may God protect him, issued a royal decree last week relieving Ahmed Al-Khalifi of his post as Governor of the Saudi Central Bank and appointing Fahad bin Abdullah Al-Mubarak as Governor of the Central Bank with the rank of minister.
The royal decrees also included the dismissal of Fahd Al-Mubarak from his position as Minister of State and member of the Council of Ministers, a post he had held since 2018.
Fahd Al-Mubarak was born in the Kingdom of Saudi Arabia in 1955, then moved to the United States to complete his university studies at Southern Methodist University – Dallas, graduating in 1981 with a bachelor’s degree in civil engineering; he also earned a master’s degree in industrial engineering in 1982 from the same university.
He also earned a Master’s degree in Financial Accounting and Taxation from the University of Houston in the United States in 1989, and a Master’s degree in Business Administration from the University of Houston in 1990, and earned a Ph.D. in Business Administration with a focus on Operations and Production in 1991 from the same university. He currently serves as Secretary-General of the Saudi Secretariat for the G20.
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Riyad Bank Appointed Chair of the Banking Media Committee for Saudi Banks
The Committee of the Council of Chairmen of Saudi Banks announced the restructuring of the Banking Media and Awareness Committee for Saudi Banks, and the appointment of the CEO of Riyad Bank as its chair. The CEO of Riyad Bank will oversee the implementation of the committee’s strategic directions, lead the working group, enhance performance, and achieve goals and aspirations in line with the objectives of Saudi Vision 2030 and the Financial Sector Development Program.
The Committee announced the appointment of Khalid Al-Khudair as Secretary General of the Media and Banking Awareness Committee in Saudi Banks. Al-Khudair currently serves as Senior Vice President of Customer Experience at Riyad Bank and is a member of the Board of Directors of the World Economic Forum under the banner of the Global Society for Community Development "GSC."
The new strategy of the Media and Banking Awareness Committee at Saudi Banks is based on eight main pillars, namely: Financial literacy, financial awareness, value-added services, Islamic banking, fintech, social responsibility, savings, and media messaging.
It aims to promote financial literacy among all members of society across all segments and raise financial awareness by introducing banking services and products, as well as issues and developments related to banking activities at the local and global levels.
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Al Rajhi Bank’s profits jump in 2020 to 10.59 billion riyals
Al Rajhi Bank has announced its financial results for 2020, reporting a 4.31% increase in net profit. with the bank’s net profit reaching 10.59 billion riyals, compared to 10.159 billion riyals in 2019, according to a statement published on the Saudi Stock Exchange (Tadawul) website.
Al Rajhi Bank said that net income rose as a result of a 6.31% increase in total operating income, driven by higher net income from special commissions, income from banking transaction fees, income from foreign exchange, as well as income from other operations.
Conversely, total operating expenses rose by 9.21%, primarily due to increases in employee salaries and benefits, other general and administrative expenses, and depreciation expenses, in addition to a 22.21% increase in the provision for credit losses from 1,772 million riyals to 2,166 million riyals.
In the fourth quarter, the bank managed to increase its net profit by approximately 35% to 3.12 billion riyals, exceeding analysts" expectations of 2.7 billion riyals.
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"Saudi National Bank"... The proposed name for the merger of "Al-Ahli" and "Samba"
The National Commercial Bank has revealed its intention to change the bank’s name to "Saudi National Bank" following the completion of the potential merger with Samba Financial Group. The merger will result in the launch of the Kingdom’s new leading bank with total combined assets exceeding 837 billion Saudi riyals (US$223 billion), which, thanks to its financial capabilities and potential, will contribute to advancing the banking sector and strengthening its role in supporting social and economic development in line with the Kingdom’s Vision 2030.
The next steps in the merger process include obtaining the necessary regulatory approvals and a shareholder vote on the transaction during the extraordinary general meetings of both banks.
On this occasion, Saeed bin Mohammed Al-Ghamdi, Chairman of the Board of Directors of Al-Ahli Commercial Bank, stated: «The merger aims to create significant value for all stakeholders, including shareholders, customers, and employees of both banks. The name »Saudi National Bank" reflects our vision to launch a bank with a strong financial position and high liquidity, enabling it to drive economic and social transformation in the Kingdom.
