Following the legal completion of the merger between Alawwal Bank and SABB, Soren Nikolajsen, its deputy managing director, integration and transformation, has decided to step down at the end of the year.
Chairman of SABB Lubna S. Olayan said: “As managing director of Alawwal Bank, Soren successfully led Alawwal through the process of completing its transformational merger with SABB in June of 2019. I am very grateful for the contribution Soren has made and thank him for his energy and determination to bring about our historic merger.”
Managing Director of SABB David Dew said: “Soren has done a fantastic job making sure the complex integration is on course and in helping to bring the two banks together. His experience and leadership have been a great asset and our bank is well positioned for future success.”
Nikolajsen said: “It has been a real privilege to lead the oldest bank in the Kingdom through a period of significant transformation. Completing the merger was the result of hard work by many and a sign of the maturity and sophistication of the Saudi capital markets. A big thank you to all my colleagues for the support they have shown me during my three years in Saudi Arabia. I will leave with many good memories.”
Nikolajsen has more than 30 years of international banking experience. He was a member of Alawwal’s board of directors from January 2014 before becoming its managing director in January 2017. Prior to joining Alawwal Bank, Nikolajsen held various senior positions with The Royal Bank of Scotland in London and Asia.