Chairman of Saudi National Bank, who stimulated chaos for Credit Suisse, resigns

Ammar Al Khudairy, the chairman of Saudi National Bank
has actually resigned and will be changed by the bank’s ceo, Saeed Mohammed Al Ghamdi, the lending institution stated in a declaration on Monday

The Saudi National Bank stated that Al Khudairy’s resignation was because of “individual factors.”

His remarks about Credit Suisse.


were apparently the final stroke prior to a share cost freefall that saw the bank accept get purchased out by UBS.

with Swiss federal government help.

He had actually gone on Bloomberg television and was asked if it would increase its stake. “The response is never, for lots of factors outside the most basic factor, which is regulative and statutory,” he stated.

Financiers worried, sending out Credit Suisse shares down 24%, although his remarks were relatively constant with what the bank had actually stated in October. At that time, it stated it had no existing strategies to surpass a 9.9% shareholding, though it did state “any future financial investment would be assessed separately at the time by thoroughly thinking about the benefits of such financial investment based upon monetary effect, capital treatment and long-lasting investor worth production.”

The bank paid $1.5 billion in October for that stake, which is now worth $330 million.

— Steve Goldstein added to this report

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