The bank's board of directors met here yesterday and accepted Al-Rajhi's resignation, an official statement said, adding that he would continue as a member of the bank's board of directors.

Al-Zubn will take over as the bank's new chief executive officer on April 1, 2012.

Al-Rajhi thanked the Finance Ministry, Saudi Arabian Monetary Agency and Capital Market Authority for their cooperation while he was the bank's CEO.

Abdullah Al-Rajhi joined the bank in 1979 and held different positions in the institution until became its general manager in 1995 before becoming the CEO following the restructuring process.