The Board of Directors of Banque Saudi Fransi announces that, in coordination with the Saudi Arabian Monetary Agency and other regulatory bodies, decided on 14/11/2017G (25/02/1439H)the following :

First: Termination of the services of the bank's Managing Director , and CEO Mr. Patrice Couvegnes where his last working day will be on Tuesday 14/11/2017G (25/02/1439H).
Second:Appointment of Mr. Rayan bin Mohammed Fayez to take over the position of Managing Director and CEO of the Bank as of 02/06/1439 H corresponding to 18/02/2018.

Third: Resignation of the Board Member and Chairman of Audit Committee, Mr. Ammar Bin Abdul Wahid Al Khudairy, from the membership of Audit Committee and his appointment as Acting Managing Director to conduct the business of the Bank effective immediately (15/11/2017G (26/02/1439H) until the new Managing Director takes office.

Fourth: Appointment of Mr. Bader bin Abdullah Al-Issa, member of the Board of Directors and member of Audit Committee, as Acting Chairman of the Audit Committee, until the completion of the mission of Mr. Ammar bin Abdul Wahid AI-Khudairy as Interim Managing Director and his reassignment as Chairman of the Audit Committee after that all necessary approvals are secured from the competent regulatory and supervisory authorities. BSF Board of Directors further affirms that, in the event of reappointment of Mr. Ammar Al Khudairy as Chairman of the Audit Committee, he shall not review or participate in any discussions concerning the work he has overseen during his term of office as Managing Director.

Mr. Rayan Bin Mohammed Fayez holds a Bachelor of Science in Mechanical Engineering from the Massachusetts Institute of Technology (MIT), USA. He has a distinguished career and considerable experience in financial, investment and leadership fields where his last position was CEO of Savola Group.