RIYADH: A probe is underway into alleged irregularities linked to employee bonuses at Banque Saudi Fransi (BSF).

The Riyadh-based bank is part-owned by the giant French lender Credit Agricole.

A senior director at the bank, Mohammed Abdulhadi, has retired, it also emerged.

The inquiry is said to be aimed at strengthening transparency relating to employee incentives.

The bank has formed “an independent team of specialists to thoroughly examine the irregularities,” it said in a stock exchange filing.

But it said it did not envisage significant changes to its financial statements, adding it was fully committed to meeting the regulatory requirements of the Saudi Arabian Monetary Authority (SAMA) and other supervisory agencies.

“Further developments in this regard shall be announced by the bank,” the statement said.

Asked about the departure of Abdulhadi, a BSF spokesman said that “Abdulhadi has resigned after serving the bank for several years.”

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