December 4, 2017 / 12:09 PM / a year ago

Banque Saudi Fransi appoints new heads of compliance, audit -source

DUBAI, Dec 4 (Reuters) - Banque Saudi Fransi (BSF), facing a potential fine over irregularities in an employee incentive programme, has appointed new heads of compliance and audit, according to a source familiar with the matter.

Abdulaziz al-Bani, previously senior director of compliance at Al Rajhi Bank, recently joined Saudi Arabia’s fifth largest lender by assets as chief compliance officer, the source said.

Al-Bani’s LinkedIn page said he had joined the bank in November.

Abdulmohsen al-Rayes, previously at Arab National Bank , recently joined BSF as chief audit executive, according to the source and al-Rayes’s LinkedIn page.

The source said the hires were part of a restructuring of all departments at the bank that started in 2016.

The Saudi Arabian Monetary Authority (SAMA) said last month that BSF could be fined due to violations in the employee incentive programme and that the bank was taking legal action against individuals to recover funds taken under the scheme.

The bank also said on Nov. 15 it had dismissed Chief Executive Patrice Couvegnes in coordination with the central bank and other regulatory bodies.

Kingdom Holding agreed in September to buy about half of French bank Credit Agricole’s 31.1 percent stake in BSF for 5.76 billion riyals ($1.54 billion).

Kingdom’s chairman Prince Alwaleed Bin Talal is among business people and other senior officials detained under a recent anti-corruption campaign led by Crown Prince Mohammed bin Salman. ($1 = 3.7502 riyals) (Reporting by Tom Arnold; Editing by Adrian Croft)

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