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Saudi National Bank president resigns

The bank was a major shareholder of Credit Suisse before it was taken over by UBS

Source: CNA

The chairman of Saudi National Bank, which was the main shareholder of Credit Suisse before its takeover earlier this month, has resigned, according to a statement published on the Saudi stock exchange.

The Saudi bank's board of directors "accepted the resignation" of Ammar al-Khudairy "for personal reasons," the statement said.

Credit Suisse shares took a dive on March 15, 2023, when AlKhudairy said the Saudi bank would not increase its stake from 9.8% due to regulatory restrictions.

The next day, Credit Suisse rallied in the stock market after receiving $54 billion in support from the Swiss central bank in an attempt to restore investor confidence.

However, fears over the health of the wider financial sector led to its takeover by domestic rival UBS on 19 March.

Immediately after his comments, AlKhudairy sought to minimize what he described as "panic".

"If you look at how the whole banking sector has gone down, unfortunately, a lot of people were just looking for excuses," he told the CNBC television network.

"It's panic, a little bit of panic. I think it's totally unjustified, whether it's Credit Suisse or the whole market," he had said.

Saeed Mohammed Al Ghamdi, who had served as CEO, will replace AlKhudairy as chairman, the statement said Monday.

Talal Ahmed Al Khereiji was appointed deputy CEO, it added. 

[This article was translated from its Greek original]

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