DUBAI May 7 JPMorgan Chase Inc confirmed on
Tuesday that its top banker for Saudi Arabia, Abdulaziz Al
Helaissi, is leaving to take a position with Saudi Arabia's
Two banking sources said that Al Helaissi would become the
deputy central bank governor.
The appointment of Al Helaissi, who is also JPMorgan Chase's
regional corporate banking head, is the latest move by Saudi
Arabia to tap senior executives from leading global financial
institutions to run its key state entities. The kingdom, the top
OPEC producer, in February named Mohammed bin Abdulmalik Al
al-Sheikh, previously a World Bank executive, to head its stock
The Saudi central bank was not immediately available for
comment. The sources spoke on condition of anonymity as the
matter is not public.
Al Helaissi joined JPMorgan Chase in 2010 from Saudi British
Bank, an affiliate of HSBC Holdings. to run
the bank's Saudi business and was given additional
responsibility as the corporate banking head for Middle East and
North Africa in 2012.
JPMorgan Chase has not yet named a replacement for Al
Helaissi, one of the sources familiar with the matter said.
Al Helaissi's appointment to the central bank, known as the
Saudi Arabian Monetary Agency, follows the 2011 appointment of
Fahad al-Mubarak, a senior Morgan Stanley banker, as the
central bank's governor.
JPMorgan Chase, the largest U.S. bank, has been stepping up
operations in the Middle East hiring several key executives and
beefing up its corporate and investment banking services in the
The bank has been particularly strong in Saudi Arabia, the
largest Gulf Arab economy, where it serves top firms like oil
giant Saudi Aramco. It hired Rayan Fayez, a senior banker from
Goldman Sachs Inc, in Riyadh as its new investment
banking head and co-chief executive of Saudi Arabia in 2012.