More Saudi women named to top banking, finance posts

Women have been named to head Saudi Arabia’s stock exchange and major banks, the institutions have announced.

Samba Financial Group on Sunday said Rania Mahmoud Nashar had begun work as chief executive officer.

The announcement came three days after the Saudi stock exchange, known as Tadawul, named Sarah al-Suhaimi as chairman of its board.

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In a notice to the Saudi stock exchange, Samba said Nashar had almost 20 year’s experience in banking and had followed an “executive career” programme at Samba.

Samba also said that Nashar was the first Saudi woman certified as an anti-money laundering specialist by a respected American association of experts who combat financial crime.

Her appointment as CEO followed the resignation of general manager Sajjad Razvi for personal reasons. Tadawul’s Sarah al-Suhaimi is the CEO of NCB Capital, the investment banking arm of National Commercial Bank.

She was the first female head of a Saudi investment bank when named to that post in 2014, according to Bloomberg News.

It said she is expected to remain at the bank while leading Tadawul, the Arab world’s largest bourse. As part of a wideranging social and economic reform drive to cope with fallen oil revenues, Saudi Arabia is trying to get more women working.

By 2020 the Islamic kingdom wants to boost the proportion of women in the job market to 28 percent from 23 percent last year.

Meanwhile, sources within the Saudi Arab National Bank revealed to Al-Arabiya.net the appointment of Latifah al Sabhan as finance director, a move that comes on the heel of recent appointments of Saudi women in leading positions at the long male-dominated banking sector.

The Arab National Bank profit has dropped by five percent in the fourth quarter last year, compared to the same period in 2015, below the expectation of SR720 mln.

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Last Update: 19:53 KSA 22:53 - GMT 19:53
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