Saudi First Bank (SAB) announced that its Board of Directors has decided to appoint Ms. Lubna bint Sulaiman Al-Olayan as Chairperson of the Board, in addition to appointing Mr. Sulaiman bin Abdullah Al-Quwaiz as Vice Chairperson of the Board, for the new term of the Board.
According to the official statement issued by the bank and published on the Saudi Stock Exchange (Tadawul) website, this decision followed the Ordinary General Assembly meeting held on December 8, 2025, during which the members of the Board of Directors for the new term were elected. The bank confirmed in its statement that it received the Saudi Central Bank's (SAMA) approval of these appointments on Monday, thus formalizing and implementing the new Board's formation.
Leading women in the banking sector
The appointment of Lubna Olayan as Chair of the Board of Directors of Alawwal Bank underscores the significant confidence in her leadership and extensive experience in the financial and banking sector. Olayan is a pivotal figure in the history of the modern Saudi economy, having been the first woman to chair the board of a bank listed on the Saudi Stock Exchange. She played a crucial and leading role during the historic merger between the Saudi British Bank (SABB) and Alawwal Bank, a process that resulted in the formation of the banking giant known as Alawwal Bank.
The context of merger and formation of the banking entity
This appointment cannot be separated from the historical context of the bank's development; Saudi First Bank is the product of a major strategic merger that combined a long-standing banking legacy spanning decades. This merger contributed to enhancing the efficiency of the financial sector in Saudi Arabia and created the third largest bank in the Kingdom by assets. The current management, under the leadership of Al-Olayan and Al-Quwaiz, continues this growth trajectory to solidify the bank's position as a strategic financial partner supporting the Kingdom's economic ambitions.
Economic importance and its alignment with Vision 2030
This news carries special significance beyond the usual administrative appointments, as it aligns directly with the goals of Saudi Vision 2030, which focuses on empowering women in senior leadership positions. Lubna Olayan's continued leadership of one of Saudi Arabia's largest banks sends a strong, positive message to local and international investors about the stability of the Kingdom's investment environment and the effectiveness of governance in listed companies. The appointment also reflects the Saudi banking sector's commitment to efficiency and sustainability standards, which strengthens the national economy and its ability to withstand global financial challenges.
