Riyadh – Mubasher: Banque Saudi Fransi has announced the resignation of Rayan Mohammed Fayez from his position as the bank’s Managing Director and CEO starting from 31 May 2022.

Fayez will resign from the bank due to his appointment in a new post at a semi-governmental entity, according to a recent bourse filing.

The Saudi lender said it will disclose any developments related to the appointment of an Acting CEO as a replacement to Fayez.

In 2021, Banque Saudi Fransi logged net profits worth SAR 3.45 billion, a leap of 123.16% from SAR 1.55 billion in 2020.

In addition, the bank has recently renewed a Sharia-compliant facility at a value of SAR 1.69 billion with Al Moammar Information Systems Company (MIS).