RIYADH: Khaled Suliman Al-Olayan has been named as new chairman of Saudi British Bank (SABB) following at a meeting of the bank’s board of directors held in Riyadh yesterday.
“Al-Olayan’s appointment was among several resolutions agreed by the bank’s board of directors which included confirming Richard Groves as the new managing director with effect from March 16,” a spokesman for the bank said.
Al-Olayan is one of the most influential figures in the development of the Saudi economy and a leading businessman in the Kingdom. He is the chairman of the Olayan Group, a multi-faceted international group, in the fields of commerce, industry, services and investments.
He replaces the late Abdullah Al-Hugail, who was a major contributor to the growth of SABB during his years as a member of the board and as chairman.
“Since joining SABB’s board of directors in January 2002, Al-Olayan has played a key role in guiding the bank to its current position as one of the largest and most respected financial institutions in the Kingdom, taking a particular interest in encouraging the bank to meet the highest international standards in customer service and the management of investments.”
He has a master’s degree in business administration, with a major in international projects, from The American University in Washington DC.
Groves becomes the managing director, succeeding John Coverdale who is moving to Hong Kong to take up a top-level global position in the HSBC Group.
Groves joined SABB in February 2007 as chief operating officer and executive director as well as chairman of SABB Securities Ltd. Immediately before joining SABB he was chief executive officer of HSBC Bank Middle East Ltd. in Oman.
Groves started his career with HSBC Group in April 1981, working in Malaysia, Hong Kong, the Philippines, Australia, Indonesia, India, and the United Kingdom in various capacities.
