Saudi's National Commercial Bank CEO retires ahead of new merged entity with Samba
Saudi Arabia's National Commercial Bank said on Tuesday (Nov 3) it has approved the request of retirement of CEO Faisal Omar Alsakkaf.
Alsakkaf's last day in office will be Dec 31.
Talal Ahmed Alkhereiji, the current Deputy CEO, will serve as Acting CEO.
NCB in October agreed a merger deal with Samba Financial Group that will create an entity of 837 billion riyals ($223 billion) in assets.
The two banks said Samba chairperson Ammar Alkhudairy will be chair of the merged entity and Saeed Al Ghamdi, NCB's current chair, will be managing director and CEO.
The banks expect the merger to complete during the first half of 2021.
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