Saudi Arabia’s Samba has announced that Saud Abdulaziz al-Gosaibi is no longer chairman of the bank.

Al-Gosaibi is also a board member of one of the kingdom’s largest family businesses, Ahmad Hamad al-Gosaibi & Brothers (Ahab).

In an announcement on the Saudi Stock Exchange (Takaful), Samba said Al-Gosaibi stood down as chairman of the company on 12 September. Samba did not explain why al-Gosaibi left the company.

Ahab and Saudi Arabia’s Saad Group have defaulted on debts estimated to be worth more than $15bn.

Both groups have strong links with Samba. In addition to Al-Gosaibi acting as chairman of Samba, Saad Group’s chairman Maan al-Sanea holds a 7.8 per cent stake in the bank.