The Bahrain-based Arab Banking Corporation has announced formally the appointment of Ahmed Abdullatif as its new president and chief executive, replacing Abdulla A Saudi. The chairman of the board of directors, Abdulmohsen Yousif al-Hunaif, said in a statement issued on 31 October that Abdullatif would continue in his position as managing director of Riyad Bank, until the Saudi Arabian bank holds its next shareholders’ annual general meeting early next year (MEED 9:9:94).

Abdulla Saudi, who founded ABC in 1980, announced his resignation in February, and stepped down on 1 May. Al-Hunaif confirmed that, with effect from 15 October, Abdulla Saudi had also resigned from his office as chairman of the board of directors of the ABC subsidiaries, Banco Atlantico based in Spain, the UK-based ABC International Bank and the Bahrain-based ABC Investment & Services Company.

Abdullatif’s appointment was approved during the meeting of the board of directors on 26 September. Abdullatif was formerly deputy governor of SAMA (Saudi Arabian Monetary Authority – central bank) and moved to Riyad Bank in 1983.

Since his resignation, Abdulla Saudi has created a consultancy company in Manama for private and corporate investors called Abdulla Saudi Associates. The firm aims to act as an intermediary between investors and their portfolio managers (MEED 21:10:94).