Bloomberg News reports that Al Saif joined the Ministry of Finance on an open-ended secondment from HSBC’s Saudi British Bank, the people said, asking not to be identified as the information is private. At Saudi British, in which HSBC holds a 40% stake, he was general manager of global banking and markets. Al Saif is also a board member at HSBC Saudi Arabia.
Al Saif is the second HSBC banker to move into a government role in Saudi Arabia in the past few months after Mohammad Al Tuwaijri, the bank’s chief executive officer for the Middle East, was appointed deputy economy and planning minister. The moves come as Deputy Crown Prince Mohammed bin Salman oversees an unprecedented shakeup of the kingdom’s economy to reduce the country’s reliance on oil receipts.
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