Amaala appoints John Pagano as new CEO

Saudi Arabia’s ultra-luxury destination project, Amaala, appointed John Pagano as the new CEO as it enters the development stage. (Supplied)
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Updated 14 January 2021

Amaala appoints John Pagano as new CEO

  • Pagano will replace existing CEO Nicholas Naples, the company said in a statement
  • The move is part of Amaala’s growth plans, and Naples will continue to contribute to the company’s development as an adviser

RIYADH: Saudi Arabia’s ultra-luxury destination project, Amaala, appointed John Pagano as the new chief executive officer (CEO) as it enters the development stage.
Pagano will replace existing CEO Nicholas Naples, the company said in a statement.
The move is part of Amaala’s growth plans, Pagano said, noting that Naples will continue to contribute to the company’s development as an adviser.
Meanwhile, Pagano will also retain his position as the CEO of the Red Sea Development Co., the statement added.
In September 2018, the Public Investment Fund (PIF) launched Amaala, an ultra-luxury destination on the north-western coast of Saudi Arabia. Naples was appointed as the project’s CEO, according to data compiled by Argaam.


HSBC to axe 82 branches in UK, cut services in others

Updated 19 January 2021

HSBC to axe 82 branches in UK, cut services in others

  • The lender said it would be left with 511 branches in the UK following the closures

LONDON: HSBC said on Tuesday it planned to axe 82 branches in Britain this year after a drop in footfall across its retail network and a surge in digital banking.
The lender said it would be left with 511 branches in the UK following the closures, with many of the remaining branches set to be refurbished with some providing fewer services.
The COVID-19 pandemic has dented bank finances, putting pressure on lenders to cut costs, while more customers have opted to bank online as people have been encouraged to stay at home to combat the spread of the virus.
HSBC said it had begun trialing different branch formats and decided to provide fewer full-service branches focused in large cities and towns, with others providing cash or self-service technology.
The bank said ‘pop-up’ mobile branches would also be rolled out later this year.
“The direction of travel is really quite clear and this is borne out by the reduction in branch usage and increase in digital interaction that we are seeing first-hand,” said Jackie Uhi, HSBC UK’s head of network.