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Wednesday, 25 November 2009 11:11 UAE time

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Algosaibi no longer Samba chairman - bank

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Sunday, 13 September 2009
SAUDI MOVER: Samba Financial Group removed Saud Abdul Aziz Algosaibi as chairman and board member on Sunday, the bank has said. (Getty Images)
SAUDI MOVER: Samba Financial Group removed Saud Abdul Aziz Algosaibi as chairman and board member on Sunday, the bank has said. (Getty Images)

Samba Financial Group removed Saud Abdul Aziz Algosaibi as chairman and board member on Sunday, the bank has said.

Algosaibi is also the managing director of troubled family conglomerate Ahmad Hamad Al Gosaibi & Brothers (AHAB).

“We wish him well,” Saudi Arabia’s second largest bank by market capitalisation said in a statement on the Tadawul website, without giving a reason for the move.


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AHAB in July filed a lawsuit in New York against Saudi billionaire Maan Al Sanea, alleging he siphoned $10bn from the group through fraudulent transactions at its workers remittance unit.

Al Sanea’s Saad Group and AHAB are estimated to owe regional and international banks more than $15bn.

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