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Thu 2 Jan 2020 08:41 AM

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Lubna Olayan takes chair of Saudi British Bank

Lubna Olayan will be joined by Saad Abdul Muhsin Al-Fadhli as vice-chairman

Lubna Olayan takes chair of Saudi British Bank

Lubna Olayan took over the role of chairman of SABB following the $5 billion merger with Alawwal in June last year.

Saudi British Bank (SABB) has appointed Lubna Olayan as chairperson for the next three years.

The 64-year-old is joined by Saad Abdul Muhsin Al-Fadhli as vice-chairman, with both appointments announced in a statement on the Tadawul Stock Exchange.

Olayan, who holds a master’s degree in business administration from Indiana University and an honorary doctorate in law from Trinity College, Dublin, was previously the CEO of the Olayan Financing Company (OFC) until May 2019.

She took over the role of chairman of SABB following the $5 billion merger with Alawwal in June last year, which created the third largest bank in the kingdom with $68.5bn of total assets, $4.8bn of customer loans and 52bn of customer deposits.

In December 2004, Olayan was elected to sit on the Board of the Saudi Hollandi Bank, a publicly listed company in Saudi Arabia. She later joined the International Advisory Boards of Rolls-Royce and Citigroup. Olayan also served on the Board of Chelsfield plc, the UK property developer, from 1996 to 2004.

In 2014 she was listed as the 86th most powerful woman in the world by Forbes.

SABB recorded a net profit after zakat and taxes of $510m for the nine months ended September 30, 2019.

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