Riyadh – Mubasher: Saudi Investment Bank’s (SAIB) board of directors has appointed Faisal Al Omran as the new CEO, effective Wednesday, 6 February.

SAIB’s board also approved the resignation of Musaed Al Mineefi, according to a statement to the Saudi Stock Exchange (Tadawul).

SAIB last reported a 3.4% year-on-year profits increase for the full fiscal year of 2018, logging SAR 1.45 billion, compared to SAR 1.41 billion in the year before.

The Saudi bank’s profits also rose 6.5% year-on-year to SAR 375 million during the fourth quarter of 2018, from SAR 352 million, according to figures compiled by Mubasher.

SAIB’s stock levelled up 1.27% to close Tuesday’s trading session at SAR 20.70.