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Standard Chartered appoints new CEO for Saudi Arabia banking division

In February last year, the British bank received approvals from Saudi Arabia’s financial regulator to open a branch in the kingdom

by Varun Godinho

July 27, 2020

Standard Chartered Bank has appointed Yazaid Al Salloom as the CEO of its Saudi operations, effective August 1, 2020.

In February last year, the British bank received approvals from Saudi Arabian regulators to open a branch within the kingdom.

Read: Standard Chartered gets approval to open unit in Saudi Arabia

The bank has confirmed that it will operate a single branch in Riyadh that will provide banking services to sovereign and government related entities, large corporates, financial institutions and multinational companies operating in the kingdom.

Standard Chartered Bank Saudi Arabia is licensed by the Saudi Arabian Monetary Authority (SAMA) and will complement Standard Chartered Capital Saudi Arabia, which has been operational in the kingdom since 2011 under a Capital Markets Authority of Saudi Arabia license.

Al Salloom joined Standard Chartered Bank in 2018 and prior to the latest appointment served as the head of financial institutions sales for MENAP and Turkey, and previously in debt capital markets at HSBC and Deutsche Bank.

“In his new role as CEO, Yazaid will oversee the launch of Standard Chartered Bank Saudi Arabia, and will lead the bank’s expansion in the market, strengthen our client base, expand our products and services offering, and solidify our network as the kingdom moves towards greater openness and global integration,” said Dr Boutros Klink, CEO Standard Chartered Middle East.

“The bank is grateful and delighted to have been awarded the license to conduct banking activities in the kingdom of Saudi Arabia. Given the bank’s footprint in 60 markets across the world, we will leverage our presence in the Kingdom to promote trade, investment and capital flows in support of the Saudi Vision 2030.”

Saudi Arabia currently has a total of 30 banks licensed by SAMA, 13 of which are local and the remaining are branches of foreign banks.

Apart from Standard Chartered, Credit Suisse too received a banking license from Saudi Arabia in April last year, authorising it to commence operations in the kingdom.