The chairman of Saudi National Bank, Credit Suisse’s largest shareholder before its acquisition earlier this month, has resigned, the SNB said in a statement published on the Riyadh Stock Exchange on Monday.
The board of the Saudi National Bank “has accepted the resignation” of Ammar al-Khudairy “for personal reasons,” the statement said.
On March 15, statements by Ammar al-Khudairy stating that SNB would not increase its 9.8% stake in Credit Suisse for regulatory reasons caused the Swiss bank’s share price to fall.
$54 billion in aid
Its shares rose the next day after the announcement of $54 billion in aid from the Swiss central bank, but that was not enough to reassure investors amid general concern about the financial sector.
On March 19, Credit Suisse was bought for a pittance by UBS, the main Swiss banking group.
Ammar al-Khudairy has been replaced as head of the SNB Board of Directors by Saeed Mohammed Al Ghamdi, who previously served as the group’s chief executive. Talal Ahmed Al Khereiji has been appointed acting director.
Source: BFM TV
