Financial and Banking News


Commerzbank Pulls Out of Saudi Bank

West Germany's Commerzbank AG has sold its 5% stake in the Saudi Investment Bank (SAIB) to the National Industrialization Company (NIC). SAIB has recently witnessed other major changes: in April it lost its chairman, Dr. 'Abd al-'Aziz al-Dukhail, and announced a sale and lease-back arrangement for its headquarters building in Riyadh. The new chairman of its board is the Deputy Governor of the...