The National Commercial Bank (NCB) on Sunday announced the appointment of a new chairman and vice chairman, as well as the formation of the board’s subcommittees.
The Saudi bank named Saeed Mohammed Al Ghamdi as board chairman and Rashid Ibrahim Sharif as vice chairman.
NCB also appointed Mohammed Ali Al Hokal as independent board director and chairman of the Audit Committee, the bank said in a filing to the Saudi Stock Exchange (Tadawul), noting that Al Hokal’s appointment is pending approval by the bank’s first ordinary general meeting (OGM).
The Saudi bank also formed the Executive Committee, the Compensation, Nomination, and Governance Committee, as well as the Risk Committee, and appointed their members.
NCB last reported a 10.51% year-on-year increase in net profits to SAR 2.98 billion between January and March, up from SAR 2.70 billion in the same period of 2017, citing a 17% decline in total operating expenses.