HSBC’s Saudi Arabia Chief Executive Khoury Leaves BankDinesh Nair
Walid Khoury, the chief executive of HSBC Holdings Plc’s Saudi Arabian operations, has left the British lender.
HSBC, Europe’s biggest bank, has appointed deputy Saudi Arabia chief executive and chief operating officer Nabeel Shoaib as acting CEO, Paul Harris, HSBC’s Dubai-based spokesman said. Shoaib joined HSBC affiliate Saudi British Bank in 1985 and has held a held a number of senior roles in audit, risk management, operations and compliance within both SABB and HSBC.
Khoury’s departure is the second senior management exit for HSBC in Saudi Arabia in recent months. Osama Shaker, the head of asset management for the bank in Saudi Arabia, left after nine years in the role, the bank said in July.
HSBC’s banking operation in Saudi Arabia is a joint venture between the London-based lender and Saudi British Bank, with HSBC owning 49 percent and SABB owning the rest of the venture.
The bank is among the most prominent international lenders operating in the kingdom, which is opening up its $530 billion stock market to international investors next year. The move may attract inflows of about $35 billion to the Arab world’s largest bourse, according to Aleksandar Stojanovski, a Dubai-based research analyst at Deutsche Bank AG.
The bank, which owns 40 percent of Riyadh-based Saudi British Bank, is prioritizing Saudi Arabia as one of five key markets in the Middle East and North Africa along with the U.A.E., Egypt, Oman and Qatar. HSBC earned $438 million from the country last year, making it HSBC’s second-biggest Middle East operation after the U.A.E., according to its annual report.
HSBC is an adviser on the $4 billion IPO of National Commercial Bank, Saudi Arabia’s largest lender by assets. The bank is also advising fast-food chain Kudu on a majority stake sale in the business.