Business

Saudi Aramco Appoints Ex-HSBC CEO Stuart Gulliver to Board

Oil producer also adds former CFO to management board
HSBC had prominent role on Saudi Aramco’s 2019 share sale

Jean Lemierre, chairman of BNP Paribas SA, looks on during the Europlace forum in Paris, France, on Tuesday, July 11, 2017. Leaders of big European and global banks including JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon and HSBC Holdings Plc’s Stuart Gulliver are meeting in the French capital Tuesday for the annual forum organized by Paris Europlace, its main financial lobby group, to discuss the future of banking in Europe.Photographer: Marlene Awaad/Bloomberg

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By Shaji Mathew and Matthew Martin

July 4, 2021 at 1:54 AM EDT

Updated on

July 4, 2021 at 3:29 AM EDT

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Saudi Aramco appointed former HSBC Holdings Plc Chief Executive Officer Stuart Gulliver to the oil firm’s board as part of a reshuffle.

HSBC has had close ties to the kingdom for decades. The bank was the only international adviser to hold a senior role on Aramco’s 2019 initial public offering, the world’s largest. In addition to having one of the largest investment banking teams in the kingdom through its Saudi unit, HSBC also owns 31% of Saudi British Bank, the fifth largest lender in the country. Gulliver replaces Sir Mark Moody-Stuart, who had been on the board since 2007.

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