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BANKING

EEMEA market round up: SABB appoints new chief executive

Saudi British Bank, which is part of HSBC, has appointed a new managing director and chairman. Richard Groves will replace John Coverdale as managing director. Coverdale is heading to Hong Kong to become HSBC’s global co-head of commercial banking.

Groves moved to Saudi Arabia in early 2008 to serve as chief operating officer. Before that he headed HSBC’s operation in Oman for four years. The new chairman will be Khaled Suliman Al Olayan, chairman of Saudi conglomerate the Olayan Group, which owns 17% of Saudi British Bank.