Banque Saudi Fransi (BSF) has appointed Rayan Fayez as chief executive and managing director, effective from Feb. 18, 2018.

 

The decision was made after coordinating with the Saudi Arabian Monetary Authority (SAMA) and other regulatory entities, the bank said on a bourse statement.

 

The bank has also terminated the current chief executive and managing director, Patrice Couvegnes as of Nov. 14, 2017.

 

Fayez will be joining BSF, after resigning from his post as CEO of Savola earlier this week.

 

Amaar Al Khudairy, BSF board member and head of auditing committee, will step down from his position to serve as acting managing director for the bank until Fayez takes over.

 

Meanwhile, Bader Al-Issa will serve as acting chairman of the audit committee, the statement said.

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