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HSBC Middle East CEO Joins Saudi Government After Shakeup

  • Mohammad Al Tuwaijri to become deputy minister of economy
  • Bank is one of most active investment banks in Saudi Arabia
Updated on

Saudi Arabia named HSBC Holdings Plc Middle East and North Africa Chief Executive Officer Mohammad Al Tuwaijri deputy minister of economy and planning, the highest-profile banker hired to the government as the country seeks to diversify the economy.

Al Tuwaijri, regional CEO of the London-based bank since October 2013, takes on the role immediately and reports to economy and planning minister Adel Fakeih. Robin Jones, previously deputy CEO in MENA, will become interim CEO and a permanent replacement will be announced "in due course," HSBC spokesman Paul Harris said by phone on Sunday.