Saudi National Bank, the Kingdom's largest lender by assets, has installed Tareq Abdulrahman Al Sadhan as its new chief executive officer, effective 1 May 2024. The appointment, which was disclosed through a bourse filing on 27 March 2024, concludes a period of acting leadership at the bank.
Al Sadhan joins Saudi National Bank from Riyad Bank, where he served as president and chief executive from 2019 until early 2024.
ACTING LEADERSHIP
Talal Al Khereiji, who had been serving as acting chief executive since March 2023, stepped down citing personal circumstances ahead of Al Sadhan's formal commencement. The bank had incurred losses on its equity stake in Credit Suisse, the Swiss lender that was acquired by UBS in a government-brokered emergency rescue in March 2023. At the time of Credit Suisse's failure, SNB was the Swiss bank's largest shareholder.
Al Khereiji led the bank in an acting capacity for more than a year, from March 2023 until his resignation took effect on 30 April 2024.
SNB was formed through the 2021 merger of National Commercial Bank and Samba Financial Group.