Riyad Bank, Saudi Arabia's third-largest bank by assets with a balance sheet exceeding USD 130 billion, has appointed Nadir Sami Al-Koraya as its new Chief Executive Officer with effect from 1 February 2024. The appointment followed the resignation of Tareq Al-Sadhan, whose departure from the role became effective on 31 January 2024 as he chose to pursue his professional career outside the institution. Al-Koraya's appointment was formalised after the Saudi Central Bank, known as SAMA, issued its required non-objection, reflecting the regulator's active role in overseeing senior executive appointments at licensed Saudi financial institutions.
The transition at one of the kingdom's most significant financial institutions comes at a moment of considerable activity across the Saudi banking sector. Elevated oil revenues, robust government spending tied to the Vision 2030 economic transformation agenda, and a substantial pipeline of corporate and infrastructure projects have collectively generated strong demand for banking services. Riyad Bank, with its deep roots in the Saudi market and a broad institutional and corporate client base, is positioned as a key participant in financing that national programme.
AL-KORAYA TAKES CHARGE AT A PIVOTAL JUNCTURE
Al-Koraya steps into the chief executive role at an institution that will need to sustain its earnings momentum and maintain credit quality discipline as the Vision 2030 programme generates intense but varied demand for corporate lending, project finance, and capital markets advisory. The new CEO will be expected to build on the bank's established franchise whilst positioning Riyad Bank for a period of rapid structural change in the Saudi economy, including the expansion of non-oil sectors, the development of Riyadh as a regional financial centre, and the growth of capital markets activity across the kingdom.
SAMA's non-objection process before a senior appointment of this nature takes effect reflects the regulator's fit-and-proper framework, which requires that individuals appointed to top positions at licensed financial institutions meet established standards of professional competence, integrity, and regulatory standing. This requirement has been applied with increasing rigour as Saudi Arabia has modernised its financial regulatory architecture in line with international best-practice standards.
Riyad Bank's asset base exceeding USD 130 billion places it within the tier of institutions regarded as systemically relevant to the Saudi financial system. The transition to new leadership is therefore being monitored not only by the bank's shareholders and clients, but also by counterparties and analysts who track the broader Saudi banking sector for indications of strategic direction and risk appetite.
SUCCESSION MANAGED WITH MARKET TRANSPARENCY
The sequencing of the transition — with Al-Sadhan's resignation effective one day before Al-Koraya's appointment — reflected a deliberately managed handover rather than an unplanned departure. Riyad Bank communicated the change through an official announcement to the Saudi Exchange, consistent with its obligations as a publicly listed company and ensuring that shareholders, debt investors, and other market participants received timely and transparent disclosure.
The bank's leadership continuity will be a significant factor as it competes in a crowded and increasingly sophisticated Saudi market alongside Al Rajhi Bank and Saudi National Bank, both of which are actively scaling their digital capabilities and client offerings. Al-Koraya's early priorities are likely to encompass talent development, digital transformation investment, and maintaining the corporate and institutional banking relationships that have long been central to Riyad Bank's competitive identity.