BANKING

Saudi Banker in BCCI Case Resigns: The chief operating officer of Saudi Arabia’s biggest bank has resigned as a result of his indictment last week in the United States on fraud charges in the BCCI bank scandal. Sheik Khalid bin Mahfouz and an associate, Haroon Kahlon of London, were charged in New York with defrauding customers of the collapsed Bank of Credit & Commerce International of $300 million. An announcement said Mahfouz’s duties at National Commercial Bank would be taken on by his elder brother, Sheik Mohammed bin Mahfouz, who is chairman of the bank’s managing committee. The bank said Mahfouz resigned to devote his time to fighting “the unwarranted charges brought against him in New York.”