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NATIONAL COMMERCIAL BANK ANNOUNCES RESIGNATION OF DEPUTY GENERAL MANAGER

NATIONAL COMMERCIAL BANK ANNOUNCES RESIGNATION OF DEPUTY GENERAL MANAGER
 JEDDAH, Saudi Arabia, July 7 /PRNewswire/ -- Sheikh Mohammed Bin Mahfouz, chairman of the management committee of the National Commercial Bank, announced today that he has reluctantly accepted the resignation of Sheikh Khalid Bin Mahfouz, deputy general manager and chief operating officer.
 "Sheikh Khalid has had a long and distinguished career in which he has built an international reputation for integrity and decency in all his dealings in the banking community. We are grateful for his substantial contributions to building and strengthening the National Commercial Bank," noted Sheikh Mohammed.
 in resigning his position, Sheikh Khalid has made a difficult decision and a sacrifice he believes is in the best interest of the bank. It carries with it a great personal cost to him.
 Sheikh Khalid stated that he can not allow the continuing smooth operation of the bank to be interfered with in any way as a result of the unwarranted charges brought against him in New York.
 Sheikh Khalid also believes he must now devote his full energies to vigorously fighting the proceedings in New York.
 "We are fully confident of Sheikh Khalid's innocence," stated Sheikh Mohammed, "and, God willing, he will be vindicated."
 Today, the National Commercial Bank is the leading financial institution in the Kingdom with SR82.3 billion (US$21.9 billion) in assets at year end 1991, an increase of 3.3 percent over the SR79.7 billion (US$21.3 billion) in assets at year end 1990. The loans to deposits ratio stood at 38 percent at year end 1991. In addition, customer deposits increased 2.9 percent to SR75.6 billion (US$20.2 billion) in 1991 over SR73.5 billion (US$19.6 billion) in 1990, a remarkable vote of confidence in the face of the tension of the Gulf war during this period.
 Sheikh Mohammed will assume the additional duties and responsibilities of chief operating officer.
 -0- 7/7/92
 /CONTACT: Abdulhadi A. Shayif, deputy general manager of the National Commercial Bank, in Jeddah, Saudi Arabia: 966-2-643-7684/ CO: The National Commercial Bank ST: IN: FIN SU: PER


TQ-TS -- NY006 -- 6848 07/07/92 08:01 EDT
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Publication:PR Newswire
Date:Jul 7, 1992
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