Algosaibi steps down from Samba group

Samba Financial Group, one of Saudi Arabia's most prestigious lenders, has said that its chairman, Saud bin Abdul Aziz Algosaibi, has stepped down and is no longer a board member.

The bank gave no other details in a statement to the Saudi stock exchange on Saturday. At the end of 2008 the group was the second largest bank in Saudi Arabia, with total assets of SR178.9bn ($D47.6bn) having made SR4.45bn ($1.1bn) in net profits.

Mr Algosaibi and his family have become embroiled in a bitter and public row with Maan al-Sanea, a relative by marriage who owns the Saad Group, a conglomerate with finance and property operations.