Chairman Saudi bank resigns after Credit Suisse debacle

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Chairman Saudi bank resigns after Credit Suisse debacle

The chairman of Saudi National Bank has resigned. According to the Saudi bank, which was a major shareholder in Credit Suisse, Ammar al-Khudairy is stepping down for “personal reasons”. With his statements last week, the chairman caused the share price of Credit Suisse, which pretty much meant the final blow for the ailing Swiss bank.

People protest on the occasion of the acquisition of Credit Suisse by UBS, in Zurich, Switzerland, March 20, 2023. (ANP/EPA/Ennio Leanza)

Al-Khudairy said in an interview with Bloomberg TV on March 15 that his bank had absolutely no intention of investing any more in Credit Suisse. He added that this was not possible due to applicable rules and that Credit Suisse had not asked for help either, but that could not prevent the share price from falling. Credit Suisse shares fell by almost a quarter.

Unfounded

The chairman still called the fall in price ‘completely unfounded’, but the share price remained as low as ever. Finally, on Sunday, March 19, the bank was taken over by its larger Swiss rival UBS, under duress from the Swiss authorities. However, UBS buys Credit Suisse at a significant discount. The Saudi lender, which invested about 1.4 billion euros in Credit Suisse at the end of last year, saw its nearly 10 percent interest in the Swiss bank fall in value by almost a billion euros. SNB CEO Saeed Mohammed al-Ghamdi will take over the role of chairman from Ammar al-Khudairy.


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