Bank Al-Bilad appoints Nasser Al-Subeaei as chairman, Fahd Bindekhayel as vice chairman

RIYADH: Bank Al-Bilad has appointed Nasser Mohammed Al-Subeaei as chairman of the board of directors and Fahd Abdullah Bindekhayel as vice chairman, after receiving no objection from Saudi Central Bank today, Feb. 7, 2021, the bank said in a statement to Tadawul, according to Al Arabiya.

The appointments will run for the current board term ending April 16, 2022.

Bank Al-Bilad announced the death of Chairman Abdulrahman bin Ibrahim Al-Hamid, whom Al-Subeaei will succeed, on Jan. 21, 2021.

Al-Subeaei has been a member of the board of directors at Bank Al-Bilad since April 17, 2005, as well as a member of the executive committee and the nomination and remuneration committee, according to the bank’s website.

Bank Al-Bilad reported a net profit of SR 1.348 billion ($346.6 million) for 2020, up 8 percent compared to SR 1.243 billion the previous year.

The profit rise was driven by an 8-percent increase in operating income, due to higher net income from investments, financing activities and net exchange income.