Richard Groves appointed Executive Director and Chief Operating Officer at SABB

He also takes over as Chairman of SABB Securities Limited.

Mr Groves has been with the HSBC Group, which includes SABB as an associate member, since April 1981. Immediately before moving to SABB he was Chief Executive Officer of HSBC Bank Middle East Limited, Sultanate of Oman, from June 2004.
Previously, Mr Groves was Regional Head Northern India for HSBC India after working in Malaysia, Hong Kong, the Philippines, Australia, Indonesia, and the United Kingdom in various roles.

Said Mr Groves, "In the intensifying competitive environment in Saudi Arabia, SABB must maintain and expand its reputation as one of the Kingdom's top financial institutions. I very much look forward to taking up that challenge in my new post."

John Coverdale, Managing Director of SABB, commented: "Richard has exactly the kind of experience that will help us to further leverage our relationship with HSBC, ensuring that our branch network, communications, systems and support services are operating at the highest level delivered by the Group worldwide. This is essential to enable us to continue to offer to our customers a full range of products and services that meet their increasingly sophisticated needs. We welcome Richard's arrival as a key member of SABB's top management team."