Saudi British Bank appoints David Dew as Managing Director

David Dew succeeds Richard Groves, who after six years in the Middle East will be taking up the role of CEO of HSBC Greece, effective 31st May 2010.

The HSBC Group has a 40% shareholding in SABB, which is one of the largest banks in Saudi Arabia, offering personal, corporate and private banking services, both conventional and Islamic.

David Dew, who is presently the Deputy Chief Executive of HSBC Amanah, has extensive experience of Saudi Arabia, having earlier served as Executive Director and Chief Operating Officer of SABB from 2001 to 2004. He is currently a director of SABB, HSBC Saudi Arabia Limited, and SABB Takaful. David had previously served as Chief Operating Officer for HSBC Bank USA and Chief Auditor for HSBC North America. He has also held senior posts with HSBC in Singapore, Italy, Dubai, and Oman.

Richard Groves joined SABB in 2007 as Executive Director and Chief Operating Officer and was appointed Managing Director in March 2009. During his time in Saudi Arabia he has also been Deputy Chairman of HSBC Saudi Arabia Limited., the investment banking joint venture between SABB and the HSBC Group, Chairman of SABB Securities Limited and a Director of SABB Takaful. Richard has also served on the boards of both HSBC Bank Middle East Limited and HSBC Bank Egypt.

Commenting on Richard and David's appointments, Simon Cooper, Deputy Chairman and CEO of HSBC Middle East and North Africa, said, "HSBC's relationship with SABB is an extremely important alliance for HSBC. The Kingdom of Saudi Arabia is a key market in the Middle East, a region which forms a critical part of HSBC's emerging markets strategy. The appointment of David Dew underlines our commitment to SABB. I am delighted to see him returning to the Kingdom of Saudi Arabia and I am excited about the prospects for SABB under his leadership."

Simon added, "Richard Groves's appointment to a market that is very much in focus is a challenging assignment, but one in which I am sure he will thrive. During his time at SABB he has demonstrated an ability to lead and drive a complex business and these skills will be invaluable in his new role."