IslamicFinance.de

Al Rajhi Bank, Saudi Arabia’s second largest bank by assets, is to replace its chief executive, with the new head’s priority likely to be reversing its fortunes after seven straight quarterly profit drops. Suleiman bin Abdul Aziz al-Zabin resigned as chief executive for personal reasons, effective May 17, it said on Sunday in a statement. His replacement would be Steve Bertamini, who had been appointed chief executive, effective from May 18, it said. The bank’s consumer business has been hit by new rules and tougher competition from other lenders in the kingdom. It has one of the highest exposures in the financial sector to the retail segment.