Business & Economy

Saudi National Bank chair resigns after Credit Suisse comments

Riyadh, Mar 27 (EFE).- The chair of the Saudi National Bank, which was Credit Suisse’s largest shareholder before the troubled Swiss lender was bought by UBS, has resigned citing personal reasons, the Saudi entity reported on Monday.

Ammar Al Khudairy stepped down on Monday and was replaced by Saeed Al Ghamdi, according to a statement published on the Saudi Stock Exchange which announced other leadership changes.

Earlier this month, Al Khudairy sent Credit Suisse shares crashing down when he said the Saudi lender would not be investing any more funds in the Swiss bank which eventually led to its emergency takeover by domestic rival UBS.

At the time Al Khudairy stated that purchasing more Credit Suisse shares would have pushed SNB’s stake above the 10% threshold causing a “regulatory issue”.

Last Monday SNB said the lender’s growth for 2023 would not be affected by the Credit Suisse rescue despite the fact the value of its shares plummeted following the UBS acquisition.

SNB purchased Credit Suisse shares last November at 3.82 Swiss francs ($4.17) per share. After the takeover shares were worth 0.76 francs each.

Switzerland’s independent financial-market’s regulator, Finma, said on Sunday that Credit Suisse could face disciplinary action following its forced rescue by UBS. EFE


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