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MarketScreener Homepage  >  Equities  >  Saudi Arabian Stock Exchange  >  Banque Saudi Fransi    1050   SA0007879782

BANQUE SAUDI FRANSI

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Ex-CEO of Banque Saudi Fransi under travel ban amid probe into staff bonus breach

05/06/2018 | 11:08am EST
FILE PHOTO - A man withdraws money from an ATM outside Banque Saudi Fransi in Riyadh

DUBAI (Reuters) - The former chief executive of Banque Saudi Fransi (BSF) is under a travel ban in Saudi Arabia almost six months after an investigation started into alleged misuse of a staff bonus scheme, said four sources familiar with the matter.

Patrice Couvegnes, a French national, was dismissed by the bank, the fifth largest by assets in the kingdom, in November in coordination with the central bank and other regulatory bodies after six years at the lender.

The central bank said at the time that BSF, 16.2 percent owned by Prince Alwaleed bin Talal's Kingdom Holding, might be fined over irregularities in an employee incentive programme, and had committed violations related to governance and supervisory regulations. BSF accepted that there had been irregularities in the bonus scheme that led to such violations.

Couvegnes was placed under a travel ban as a result of the investigation, the sources said.

Couvegnes could not be reached for comment. The central bank and Banque Saudi Fransi did not respond to requests for comment.

His exit followed that of two other executives, Mohamad Abdulhadi, senior executive director, and Abdulrahman Mutabagani, head of business banking, in October.

A bank spokesman said at the time that Abdulhadi had retired, but the sources told Reuters that both executives' departures, as well as that of Couvegnes, were linked to the investigation into the staff incentive scheme.

Abdulhadi and Mutabagani could not be reached for comment.

BSF first disclosed it had discovered wrongdoing in October when it said its board had appointed an independent team to investigate violations of the scheme dating back years.

Two months later, the bank said it was coordinating with authorities to recover funds related to the scheme and hold culprits to account. Reuters was unable to verify whether the investigation was still continuing.

Since taking office last year, Crown Prince Mohammed bin Salman has pushed to clamp down on corruption.

In November, hundreds of officials and business leaders were detained on his orders, on suspicion of making unfair financial gains. Most have been released after reaching settlements with the government.

Before joining BSF, Couvegnes worked at Credit Agricole in Singapore, South Korea, Japan and Hong Kong, according to his website.

After selling roughly half its stake in BSF to Kingdom Holding last year, Credit Agricole holds about 15 percent in BSF, according to Thomson Reuters data.

(Additional reporting by Stephen Kalin in Riyadh; Editing by Ghaida Ghantous and Kevin Liffey)

By Tom Arnold


© Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
BANQUE SAUDI FRANSI 1.19% 34.1 End-of-day quote.7.91%
CRÉDIT AGRICOLE SA -2.35% 10.175 Real-time Quote.-1.41%
KINGDOM HOLDING COMPANY -0.26% 7.8 End-of-day quote.-1.89%
TEAM, INC. -7.86% 10.9 Delayed Quote.0.00%
THOMSON REUTERS CORPORATION 2.95% 102.17 Delayed Quote.-1.93%
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Financials
Sales 2020 7 033 M 1 875 M 1 875 M
Net income 2020 2 028 M 541 M 541 M
Net Debt 2020 - - -
P/E ratio 2020 18,7x
Yield 2020 1,77%
Capitalization 40 896 M 10 900 M 10 902 M
Capi. / Sales 2020 5,81x
Capi. / Sales 2021 5,70x
Nbr of Employees 2 883
Free-Float 55,5%
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Mean consensus UNDERPERFORM
Number of Analysts 11
Average target price 28,74 SAR
Last Close Price 34,10 SAR
Spread / Highest target 8,50%
Spread / Average Target -15,7%
Spread / Lowest Target -41,3%
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Managers and Directors
NameTitle
Rayan bin Mohammed Fayez Chief Executive Officer & Managing Director
Mazen Abdul Razak Sulaiman Al-Romaih Chairman
Thamer M. Yousef Chief Operating Officer & Head-Information Systems
Abdullah Ali Al Khalifa Chief Financial Officer
Khalid Hamed Hamed Al-Mutabagani Independent Director
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