HSBC said to appoint Majed Najm as Saudi Arabia Chief Executive

27/01/2015 14:26 AST

HSBC Holding Plc appointed Majed Najm as chief executive of its Saudi operations, tapping its local affiliate to fill the top position, two people with knowledge of the matter said.

Najm joined Europe’s biggest lender from Saudi British Bank, where he was general manager of retail banking and wealth management, the people said, declining to be identified because the information isn’t public.

Najm replaced Walid Khoury, who left the lender in September. Nabeel Shoaib, HSBC’s deputy chief executive in Saudi Arabia, was acting CEO in the interim, Paul Harris, HSBC’s Dubai-based spokesman, said at the time.

HSBC’s banking operation in Saudi Arabia is a joint venture with Saudi British Bank, with HSBC owning 49 per cent of the company and SABB the rest. The London-based lender is among the most prominent international banks in the kingdom, which is opening up its $530 billion stock market to foreign investors later this year.

Saudi Arabia is HSBC’s second-biggest Middle East operation after the UAE, according to the bank’s annual report. The London-based lender earned $438 million from the country in 2013. Before joining SABB, Najm was also CEO of HSBC Bahrain, the people said.


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