RIYADH: HSBC Saudi Arabia has appointed Faris AlGhannam as the bank’s new CEO as the lender embarks on a new phase of growth in the Kingdom. Taking up his new role on Oct. 1 upon regulatory approval, AlGhannam is currently the bank’s deputy CEO, according to a statement. He succeeds Rajiv Shukla, who was appointed senior managing director and advisor to the regional CEO after leading HSBC Saudi Arabia as its chief since April 2019. “I am delighted to take on the responsibilities of CEO, leading HSBC Saudi Arabia on a new phase of growth as we focus on the needs of our clients, continue our long-standing contribution to the growth and development of the Kingdom, and help to deliver HSBC’s strategy,” he said. Founded in 2005, HSBC Saudi Arabia is a joint venture 51 percent owned by HSBC and 49 percent owned by the Saudi British Bank.