Home » Private Sector » Saudi National Bank Chairman Al Khudairy resigns after comment on Credit Suisse investment

Private Sector

Saudi National Bank Chairman Al Khudairy resigns after comment on Credit Suisse investment

Saudi National Bank

Saudi National Bank Chairman resigns

Ammar Abdul Wahed Al Khudairy, Chairman of the Saudi National Bank (SNB), has resigned for personal reasons. Chief Executive Officer Saeed Mohammed Al Ghamdi would succeed as the lender’s new chairman and has since stepped down as the group’s CEO and Managing Director.

The bank’s board of directors also named Talal Ahmed Al Khereiji as acting CEO. All changes go into effect on March 27.

Ammar Al Khudairy resigned just days after saying in an interview that Saudi National Bank is “absolutely not” open to additional investments in Credit Suisse when asked if they are open to additional liquidity. Saudi National Bank is the largest shareholder in Credit Suisse, a Swiss bank. After acquiring 9.9 percent of the company last year, it became the largest shareholder.

Saudi National Bank

Following the comments, the Swiss bank’s stock plummeted to a record low. Credit Suisse has been attempting to recover from a series of scandals that have undermined investor and client trust.

He stated that there was “unfortunate reporting or chatter” that they had refused assistance, but Credit Suisse made no such request.

According to Al Khudairy, people were looking for reasons to blame the collapse of the banking sector. He stated that there is some concern, whether for Credit Suisse or the entire market.