By Saeed Azhar
DUBAI, July 1 – Standard Chartered has named Yazaid al-Salloom as chief executive officer of its business in Saudi Arabia, as it seeks to expand in the kingdom after getting a banking licence last year, according to an internal memo seen by Reuters.
Salloom, who was head of financial institutions’ sales for the Middle East, North Africa, and Pakistan region for the bank, will start his new role as chief executive of Standard Chartered Bank Saudi Arabia on Aug. 1.
Western financial institutions have sought opportunities in Saudi Arabia since it unveiled plans in recent years to privatise state assets and introduced reforms to attract foreign capital under a programme to reduce its dependence on oil.
Salloom has been instrumental in building and strengthening the bank’s relationships with key clients in the kingdom, including the Public Investment Fund, the Ministry of Finance and the Saudi Arabian Monetary Authority (SAMA), said Boutros Klink, CEO of Middle East excluding the UAE, in the memo.
In his new capacity, Salloom will oversee the launch of Standard Chartered Bank Saudi Arabia, the memo said, adding the bank’s capital market’s unit for the kingdom would remain under Klink.
Standard Chartered last year was among the banks hired to coordinate the Saudi government’s $2.5 billion sukuk sale.