Riyad Bank gets new chairman

JEDDAH, 4 November — The board of directors of the Riyad Bank yesterday elected Rashed Abdul Aziz Al-Rashed as the bank’s new chairman.

An engineering graduate from Stanford, Al-Rashed has been the bank’s vice chairman for six years and a board member for a longer period. A prominent businessman and investor, he is also a member of the Supreme Council for Tourism and is on the boards of the Saudi Electricity Company and several other organizations.

In a statement issued after the elections, Al-Rashed expressed his thanks to members of the board and the bank’s shareholders for their support to and confidence in him. He said he would work with the board of directors and the bank’s executive management and staff to provide a high quality service to customers and to enhance the "shareholders’ value".

On behalf of the new board, Al-Rashed extended his utmost appreciation to Muhammad Abalkhail, the outgoing chairman, for the time and efforts he gave for the bank’s development.

He lauded the outstanding contribution of Abalkhail during his term of office, which he said stemmed from the latter’s vast experience in both economic and financial fields.

Al-Rashed also thanked Dr. Khaled Al-Fayez, the outgoing director, who effectively took part in the bank’s development.