THE SAUDI BRITISH BANK (SABB) ANNOUNCES THE RESIGNATIONS AND APPOINTMENTS OF NEW BOARD DIRECTOR
| Element List | Explanation |
|---|---|
| Introduction | In reference to the announcement made by SABB on 16/6/2019 regarding the effectiveness of the resolution to merge Alawwal bank in SABB, and since it was agreed in the merger agreement between the Saudi British bank (“SABB”) and Alawwal Bank dated 3 October 2018 (the “Merger Agreement”) that the board of directors of SABB (as surviving bank) would be subject to certain changes after the merger becomes effective as set out in the Shareholder Circular issued by SABB.
SABB Board has issued a resolution by circulation to accept the resignations of the following Directors:
1. Mr. Khaled Suliman Olayan (Chairman) 2. Georges El-Hedery(Non-Executive – HSBC Representative)
and the appointment of the following members nominated by Alawwal bank pursuant to the Merger Agreement:
1. Lubna Sulaiman Olayan (Non-Executive Director) 2. Ahmed Farid Al-Aulaqi (Independent Director) 3. Maria Ramos (Independent Director)
It should be noted that pursuant to the Merger Agreement and as disclosed in the Shareholder Circular issued by SABB, it was agreed that Alawwal bank will nominate 4 directors to SABB board (following the effectiveness of the Merger). SABB would like to note that it continues to follow the relevant process to appoint the 4th director, and once such process is completed, SABB will appoint the 4th director and announce such appointment in due course. |
| Element List | Explanation |
|---|---|
| Member Name | Lubna Sulaiman Olayan |
| Membership Type | Non- Executive |
| Assignment Start Date | 2019-06-16 Corresponding to 1440-10-12 |
| CV of the assigned member | Ms Olayan holds a BSc from Cornell University, an MBA from Indiana University, and an honorary PhD in Law from Trinity College. She was a member of the board of Alawwal since 2004, and served as its Deputy Chairman. With wide-ranging experience in investments and operating companies, Ms. Olayan served as CEO of Olayan Financing Company for over 35 years, and presently chairs its ExCom, in addition to chairing the board of Olayan Saudi Holding Company. She has also been a member of the board of Schlumberger since 2011, and in 2016 she joined the board of Ma’aden. Ms Olayan sits on the international advisory boards of Akbank, Allianz SE, McKinsey & Co and Bank of America Merrill Lynch, and is a trustee of KAUST, MIT and the Asia Business Council. |
| Element List | Explanation |
|---|---|
| Member Name | Ahmed Farid Al-Aulaqi |
| Membership Type | Non- Executive |
| Assignment Start Date | 2019-06-16 Corresponding to 1440-10-13 |
| CV of the assigned member | Mr. Ahmed has an MBA in Finance from the University of Stirling, UK. He has 32 years of investment management, and treasury experience across multiple geographies. And assumed several roles including Chief Executive Officer of NCB Capita, President of Safanad and board member of Alawwal Bank. Currently, he is the President of Lakemore and a member of the firm’s Board of Directors. He sits on Lakemore’s Investment Committee and is responsible for setting the firm’s business and investment strategy. |
| Element List | Explanation |
|---|---|
| Member Name | Maria Ramos |
| Membership Type | Non- Executive |
| Assignment Start Date | 2019-06-16 Corresponding to 1440-10-13 |
| CV of the assigned member | Mrs. Maria holds a Master's Degree in Economics from University of London (SAOS) and a Bachelor's Degree in Commerce and BCom Honours from University of Witwatersrand. She has accumulated experience as an executive in the fields of public finance and Government Treasury, infrastructure and logistics, banking and listed companies including as a non-executive director on a number of Boards in previous periods. She presently serves as a Non-Executive Director on a number of Boards. |
| Element List | Explanation |
|---|---|
| Date of Board Meeting which Assigned New Member(s) in | 2019-06-15 Corresponding to 1440-10-12 |
| Board Approval | SABB Board has issued a resolution by circulation to approve the appointment of the directors whose details are set out above and to accept the resignation of the resigning directors whose details are set out below.
It should be noted that the appointments of the directors set out above are not final and it shall be submitted for ratification by the next General Assembly Meeting. |
| Element List | Explanation |
|---|---|
| Resigned Member Name | Mr. Khaled Suliman Olayan |
| Membership Type | Independent |
| Resignation Date | 2019-06-13 Corresponding to 1440-10-10 |
| Accepting Resignation Date | 2019-06-15 Corresponding to 1440-10-12 |
| Resignation Effective Date | 2019-06-15 Corresponding to 1440-10-12 |
| Reasons of Resignation | To create the vacancies in SABB board to appoint the directors nominated by Alawwal bank pursuant to the Merger Agreement |
| Element List | Explanation |
|---|---|
| Resigned Member Name | Mr. Georges El-Hedery |
| Membership Type | Non- Executive |
| Resignation Date | 2019-06-13 Corresponding to 1440-10-10 |
| Accepting Resignation Date | 2019-06-15 Corresponding to 1440-10-12 |
| Resignation Effective Date | 2019-06-15 Corresponding to 1440-10-12 |
| Reasons of Resignation | To create the vacancies in SABB board to appoint the directors nominated by Alawwal bank pursuant to the Merger Agreement |
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