Samba Financial Group has named Rania Nashar as chief executive, the first female CEO of a listed Saudi commercial bank in line with the government's economic and social reforms. Nashar is a board member of Samba's global markets subsidiary and a Pakistani unit, and has nearly 20 years of experience in banking. The Saudi Stock Exchange last week appointed its first female chair, Sarah Al-Suhaimi, who became the first female chief executive of a Saudi investment bank when she took the helm of NCB Capital in 2014. The Kingdom's top sovereign wealth fund, the Public Investment Fund, holds stakes in major companies and is at the center of restructuring the economy. It is hiring Saudi women to help manage its assets, sources familiar with its operations said. Saudi Arabia's reform plans aim to have women account for 30 percent of the workforce in coming years, up from the current 22 percent. Samba is Saudi Arabia's third-largest bank by assets. Nashar's appointment is effective Feb. 19, according to a statement to the stock exchange on Sunday. She replaces Sajjad Razvi who resigned for personal reasons. — Agencies
