Samba appoints five Saudi Arabian managers: Report

Samba Financial Group appointed five new Saudi Arabian executives to its senior management team, according to a report published by Al-Jazirah newspaper on Saturday.

The group appointed Mohammed bin Abdullah Al-Sheikh as the general manager of banking services for individuals, Saleh bin Moaidh Qathami, as the director general of the group’s private banking services, and Hisham bin As'ad Abu Faraj as the general manager of local companies.

Samba also named Rania Mahmoud Nashaar as the general manager of internal audit and risk, and Omar bin Mohammed Al-Medre'a as director general of the group’s legal affairs.

Issa Bin Mohammed al-Issa, chairman of the group, said the new management team has already proven itself able to be successful in leadership positions.

The bank’s Saudization rate is currently estimated to be 93 percent, he added.

The move comes as local companies aim to improve their Saudization rates, according to the kingdom’s Nitaqat, or nationalization system.

Saudization is the kingdom’s national policy meant to encourage the employment of locals in the private sector. Companies or institutions that fail to comply with nationalization regulations may be barred from competing for government contracts, according to state policy.