Saudi Arabia’s Al Rajhi Bank names new CEO

Saudi Arabia’s Al Rajhi Bank has appointed a new CEO.

The company said in an exchange filing on Tuesday (November 5) Walid bin Abdullah Al-Moqbel will take over from Stefano Bertamini, whose contract will expire at the end of this year.

The incoming CEO was previously Deputy Chief Executive Officer of the bank.

He also served as Chief Operating Officer, and Chief Financial Officer.

Al Rajhi Bank reported a 12.44% increase in net profit for the three months ending September 30 compared to the same period last year. The Shariah-compliant bank posted 2.83 billion riyals ($754.4 million) in third-quarter net profit versus 2.52 billion riyals in the corresponding three months in 2018.

© SalaamGateway.com 2019 All Rights Reserved