RIYADH: The Board of Directors of HSBC Saudi Arabia has appointed Faris AlGhannam as the bank’s new Chief Executive Officer as part of its long term succession plan for the leadership of the award-winning international investment bank as it embarks on a new phase of growth in the Kingdom.
AlGhannam has held a series of senior roles HSBC Saudi Arabia, where he is currently Deputy CEO, and takes up his new role on 1st October 2022, subject to regulatory approval. AlGhannam began his banking career in 2005 and relocated to the UK in 2006 to work in capital markets and corporate finance with international financial institutions, before joining HSBC Saudi Arabia in 2011.
“I am delighted to take on the responsibilities of CEO, leading HSBC Saudi Arabia on a new phase of growth as we focus on the needs of our clients, continue our long-standing contribution to the growth and development of the Kingdom, and help to deliver HSBC’s strategy,” AlGhannam said.
AlGhannam succeeds Rajiv Shukla, who was appointed Senior Managing Director & Advisor to the Regional CEO after leading HSBC Saudi Arabia as CEO since April 2019. Shukla’s appointment is also effective from 1st October 2022 and subject to regulatory approval.
In his new role, Shukla will provide strategic support and counsel to the board and management and work on advancing certain franchise initiatives with external and internal stakeholders as part of HSBC Group’s continued investment in the Kingdom.
“These appointments reflect a commitment to support the successful delivery of HSBC Saudi Arabia’s ambitious growth agenda in the Kingdom, a geography in which HSBC Group’s heritage extends for more than 70 years,” said Majed Najm, Chairman of the Board of Directors of HSBC Saudi Arabia.
HSBC Saudi Arabia was founded in 2005 with the vision to be the best investment banking and capital market services provider in the Kingdom. An award-winning financial institution, HSBC Saudi Arabia is a joint venture 51% owned by HSBC and 49% owned by The Saudi British Bank (SABB), HSBC Group’s strategic partner in the Kingdom and in which it is the largest single shareholder with a 31% stake.