GulfBase Live Support
Leave a message and our representative will contact you soon
16/11/2017 05:16 AST
Banque Saudi Fransi (BSF), the Kingdom’s fifth largest bank by assets, said on Wednesday it had terminated the services of Chief Executive Patrice Couvegnes in coordination with the central bank and other regulatory bodies.
BSF did not elaborate on the reasons for the exit of Couvegnes, who also held the position of managing director, but a source familiar with the matter said his departure, with effect from Tuesday, was part of “normal procedure” after new shareholders took a stake in the bank.
France’s Credit Agricole agreed in September to sell about half its 31.1 percent stake in BSF to billionaire Prince Alwaleed Bin Talal’s Kingdom Holding for SR5.76 billion.
Prince Alwaleed was among senior business people and officials detained this month under an anti-corruption purge spearheaded by Crown Prince Mohammed bin Salman.
Couvegnes could not be reached immediately by Reuters for comment. The Saudi Arabian Monetary Authority, the central bank, did not immediately respond to a request for comment.
BSF also said in a statement it had appointed Rayan bin Mohammed Fayez, the former head of Savola Group, Saudi Arabia’s largest food products company, as its new chief executive and managing director.
The source said the departure of Couvegnes, after more than six years in charge, was not linked to an announcement last month by the central bank that it was monitoring measures taken by the board of BSF to address “deficiencies” in governance.
BSF had said last month its board would appoint an independent team to investigate violations committed as a result of “excess powers granted to several employee incentive operations.”
Fayez, who previously worked at JP Morgan Chase & Co. and Goldman Sachs in the Kingdom and is a current board member of the Saudi Stock Exchange, according to his LinkedIn page, will take over as managing director and chief executive from Feb. 18, 2018, BSF said.
It said board member and chairman of the audit committee Ammar Bin Abdul Wahid Al-Khudairy had resigned from the membership of the audit committee and had been appointed as acting managing director immediately until Fayez took over.
Arab News
04/12/2017
Banque Saudi Fransi (BSF), facing a potential fine over irregularities in an employee incentive programme, has appointed new heads of compliance and audit, according to a source familiar with the ma
Reuters
23/11/2017
Banque Saudi Fransi (BSF) faces a fine over irregularities in an employee incentive programme, Saudi Arabia’s central bank said on Thursday.
The Saudi Arabian Monetary Authority (SAMA) did
Reuters
02/11/2017
Banque Saudi Fransi is pleased to announce its intention to call (redeem) its 2012 sukuk, in full, bearing Tadawul symbol: 1051 - BSF Sukuk, at their face value (100% of issue price) at the end of ye
Tadawul
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
Ticker | Price | Change |
---|---|---|
FAB | 11.95 | 0.20 (1.70 |
NCB | 64.98 | 0.35 (0.54 |
RJHI | 76.03 | 0.78 (1.03 |
EMIRATESNBD | 10.65 | 0.05 (0.47 |
SAMBA | 26.98 | 0.59 (2.23 |
05/04/2018
SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.
Saudi Gazette
05/04/2018
Standard & Poor’s (S&P) has affirmed QIB’s Issuer Credit Rating at A-, Qatar’s leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB’s rating
Gulf Times
05/04/2018
Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told
The Peninsula
04/04/2018
Doha Bank has announced the official inauguration of its Chennai Branch, in the southern Indian state, will be held today. This is Doha Bank’s third city in India after its successful establishment o
The Peninsula
04/04/2018
Bank of Sharjah said it has engaged SHUAA Capital International as liquidity providers for its shares and will commence the activity from April 4. SHUAA Capital International shall not hold more than
Gulf News