The chairman of Saudi National Bank has resigned for “personal reasons,” a regulatory filing said on March 27, just after his comments on Credit Suisse sent that firm’s stock cratering and ultimately saw rival UBS to acquire the firm, Report informs referring to AP.
The resignation of Ammar al-Khudairy at Saudi National Bank, the largest commercial bank in the oil-rich kingdom, comes just months after the lender invested an additional $1.5 billion in Credit Suisse to take its holding in the Swiss bank to nearly 10% of its value.
While al-Khudairy sought to clarify his remarks after making them March 15, they caused Credit Suisse shares to drop by around a third of their value at the time and fueled its ultimate collapse. The incident further spooked international markets already reeling from other bank collapses and high inflation brought on in part by Russia’s war on Ukraine.