Tuesday, Jan 29, 2013
DUBAI (Zawya Dow Jones)--The chief executive of Saudi Arabia's National Commercial Bank, one of the Arab world's largest lenders by assets, has resigned amid a management shake-up aimed at improving the company's performance, a person familiar with the matter said.
Abdulkareem Abu Alnasr, who became NCB's chief executive in 2006, has stepped down under pressure from the board who believe the bank is underperforming, the person familiar said. Other people to have left the bank include the head of services, the head of audit and the head of human resources, the same person added.
A spokesman for NCB wasn't able to confirm the departures.
NCB, also known as Al Ahli Bank, is majority owned by the Saudi government and the first lender to have been awarded a licence in the kingdom. It made a net profit 6.5 billion Saudi riyals ($1.7 billion) in 2012, an increase of 7.3% over 2011.
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(END) Dow Jones Newswires
29-01-13 1202GMT
