Banking Control Law

A person may not be a member of the board of directors of more than one bank. The following persons may not be selected as board members or appointed as managers in any bank without the prior written approval of SAMA: a) A person who served in a similar position or job at a liquidated banking institution, even if such liquidation took place prior to this Law’s entry into force. In such case, SAMA shall only grant its approval if it is established that such person was not responsible for the liquidation. b) A person who was dismissed from a similar position or job in a banking institution, even if such dismissal took place prior to this Law’s entry into force. In such case, SAMA‘s approval must be based on reasonable grounds. A member of the board of directors of a bank or a manager thereof who has been declared bankrupt pursuant to a judicial ruling or has been convicted in an offense impinging on honor or integrity shall be deemed to have resigned from his post.