Middle East, News

HSBC Middle East CEO Joins Saudi Government

HSBC Middle East CEO Joins Saudi Government

Saudi Arabia has named HSBC Middle East & North Africa CEO Mohammad Al Tuwaijri deputy minister of economy and planning. This is the highest profile banker hired to the government as the country seeks to diversify its economy.

“Saudi Arabia has named HSBC Middle East & North Africa CEO Mohammad Al Tuwaijri deputy minister of economy and planning”

~ Bloomberg

He joins a growing number of bankers taking senior government roles as OPEC’s top producer aims to reboot its economy. Mohammed Al Jadaan, head of the country’s Capital Markets Authority, was a special adviser to Morgan Stanley’s board in Saudi Arabia, while Yasir Al Rumayyan, former chief executive officer at Credit Agricole-backed Saudi Fransi Capital, recently became head of Saudi Arabia’s Public Investment Fund.

Related Reports: Bloomberg, Reuters

About Mohammad Al Tuwaijri

A former Saudi air force pilot, Al Tuwaijri joined Saudi British Bank, HSBC’s affiliate in Saudi Arabia, in 1995 and served as head of risk management, deputy treasurer and treasurer before leaving to become senior country officer for JPMorgan Chase & Co. in Saudi Arabia in 2007, according to HSBC’s website. He rejoined the London-based bank in 2010 as head of global banking and markets for Middle East and Africa.

During his time at the bank, Al Tuwaijri helped cement HSBC’s role as one of the most active international investment banks in Saudi Arabia. The lender has been the top adviser for IPOs in the country for the past five years, according to data compiled by Bloomberg, and was the sole international adviser on the $6 billion IPO of National Commercial Bank in 2014, the Middle East’s largest ever listing. HSBC holds a 40 percent stake in Saudi British, known as SABB, and a 49 percent share in HSBC Saudi Arabia.

Learn More: Mohammad Al Tuwaijri

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