In a move reflecting the larger strategy of foreign banks capitalizing on Saudi Arabia's economic diversification, BNP Paribas (OTC: BNPQY ) SA has appointed Jalal Al Marhoon as the managing director of its Saudi branch. Today, Al Marhoon will be overseeing local clients under the guidance of investment banking leader, Ammar Pharaon.
Al Marhoon carries with him a wealth of experience in the banking sector. Prior to his new role at BNP Paribas, he held significant positions at Societe Generale (OTC: SCGLY ) SA and Standard Chartered (OTC: SCBFF ) Plc. His tenure includes seven years at Standard Chartered and over nine years at Societe Generale. This extensive background ideally positions him to navigate the evolving economic landscape in Saudi Arabia.
The appointment of Al Marhoon is part of a broader trend among foreign banks such as Moelis (NYSE: MC ) & Co. and Bank of America (NYSE: BAC ), who are seeking to leverage opportunities presented by Saudi Arabia's shift away from an oil-based economy. This strategic approach aims to tap into new growth areas as the country diversifies its economic interests.
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