The Banking Executive Magazine - September Issue 2022

HSBC Saudi Arabia HSBC SAUDI ARABIA APPOINTS NEW CEO The Board of Directors of HSBC Saudi Arabia has appointed Faris Al- Ghannam as the bank’s new Chief Executive Officer as part of its long term succession plan for the leader- ship of the award-winning interna- tional investment bank as it embarks on a new phase of growth in the Kingdom. AlGhannam has held a series of sen- ior roles HSBC Saudi Arabia, where he is currently Deputy CEO, and takes up his new role on 1st October 2022, subject to regulatory approval. AlGhannam began his banking ca- reer in 2005 and relocated to the UK in 2006 to work in capital markets and corporate finance with interna- tional financial institutions, before joining HSBC Saudi Arabia in 2011. “I am delighted to take on the re- sponsibilities of CEO, leading HSBC Saudi Arabia on a new phase of growth as we focus on the needs of our clients, continue our long-stand- ing contribution to the growth and development of the Kingdom, and help to deliver HSBC’s strategy,” Al- Ghannam said. AlGhannam succeeds Rajiv Shukla, who was appointed Senior Managing Director & Advisor to the Regional CEO after leading HSBC Saudi Ara- bia as CEO since April 2019. Shukla’s appointment is also effective from 1st October 2022 and subject to regulatory approval. In his new role, Shukla will provide strategic support and counsel to the board and management and work on advancing certain franchise initia- tives with external and internal stake- holders as part of HSBC Group’s continued investment in the King- dom. “These appointments reflect a com- mitment to support the successful de- livery of HSBC Saudi Arabia’s ambitious growth agenda in the Kingdom, a geography in which HSBC Group’s heritage extends for more than 70 years,” said Majed Najm, Chairman of the Board of Di- rectors of HSBC Saudi Arabia. HSBC Saudi Arabia was founded in 2005 with the vision to be the best investment banking and capital mar- ket services provider in the Kingdom. An award-winning financial institu- tion, HSBC Saudi Arabia is a joint venture 51% owned by HSBC and 49% owned by The Saudi British Bank (SABB), HSBC Group’s strategic partner in the Kingdom and in which it is the largest single shareholder with a 31% stake. the BANKING EXECUTIVE 18 ISSUE 165 SEPTEMBER 2022 Faris AlGhannam Chief Executive Officer, HSBC Saudi Arabia