Riyadh - Mubasher: Banque Saudi Fransi (BSF) announced on Sunday that Francois Jean Marion has been appointed as a new member of the bank’s board of directors, starting from 13 August 2017.

The newly appointed official will succeed Sebastian Pailhole, according to the bank’s statement to the Saudi Stock Exzchange (Tadawul).

Francois Jean Marion holds a master degree in Finance and is currently the deputy chief executive officer of Credit Agricole CIB.

The appointment is subsequent to the Saudi Arabian Monetary Agency’s (SAMA) no-objection, and the board of directors’ approval.

Board members are not selected by the shareholder assembly but are nominated through a letter from the chairman of Credit Agricole CIB addressed to the chairman of Banque Saudi Fransi, and are replaced with the same procedure conditional to the approval of SAMA, the bourse filing explained.