JEDDAH, 17 December 2002 — The Jeddah-based National Commercial Bank will elect a new board of directors this week to replace the one whose term ended last September.
The current president of the board will not run for re-election.
The previous board led one of the biggest banks in the Middle East since 1999, and oversaw it during the period when it became a public company.
Sources close to NCB revealed that preparations are under way to make public its budgets for 2000, 2001 and 2002. These budget statements will give details of past developments at the bank, including the names of the individuals who own NCB shares.
In 1996, a deal resulted in Khaled Bin Mahfooz buying 75 percent of the bank’s stocks, and his wife Naela owning the remaining 25 percent. In that year, NCB capital rose all of a sudden from SR30 million to SR6 billion. The budget announcements will also explain how the share ownership has been diversified since. Arab News has learned that the sons of Saudi businessman Khaled Bin Mahfooz — Abdulrahman, Sultan, his daughter Eman and his wife Naela Kaki — intend to sell their bank shares.
