RIYADH, Oct 6: In a bid to liberalize the present strict norms in the Saudi society, a businesswoman has been appointed as the chief of a Saudi Arabian bank. Lubna Al Olayan, a Saudi resident will chair a new bank being formed out of a merger between the Saudi British Bank (SABB) and Alawwal Bank.
Currently the head of a family conglomerate, Ms Olayan is seen as a trailblazer for Saudi women in the finance industry. The US-educated financier topped the list of Forbes Middle East’s Most Influential Women 2018.
The merger between the SABB and Alawwal Bank creates the country’s third biggest bank, with a capitalisation of ?13.2bn ($17.2bn). British multinational bank HSBC will own part of the new entity. (UNI)
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