Saudi Sabb bank's CEO to step down

Sabb bank, the Saudi affiliate of HSBC, will appoint Richard Groves as the bank's top executive, replacing John Coverdale, sources from the bank said yesterday.

Coverdale, who has been at the helm of the Saudi lender since August 2005, will step down on Wednesday, the sources said on condition of anonymity. Groves joined Sabb in January 2008 as Chief Operating Officer and executive director.

Sabb spokesman Ibrahim Abou-Mouti declined to comment, citing stock market disclosure requirements. One financial source said the appointment still required regulatory approval.

Coverdale was appointed global cohead of commercial banking, based in Hong Kong, HSBC said.

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