The president of the Saudi National Bank (SNB is its acronym in English), Ammar al Khudairy, who was the main shareholder of Credit Suisse before it was bought a week ago by UBS , has resigned for “personal reasons,” the bank reported Monday. Saudi state.
The Saudi National Bank (SNB) accepted the resignation of Al Khudairy for “personal reasons” and appointed Saeed Mohamed al Ghamdi as the new president of the bank with effect from Monday, according to a statement from the bank published on the Saudi Stock Exchange, who announced other changes in the management leadership. Some comments by Al Khudairy helped cause the shares to fall 24% after he assured that he was not going to invest more in the Swiss entity to clean up his battered accounts.
The Saudi state bank, which was the main holder of Credit Suisse shares (9.8% of the total), stated last Monday that its growth in 2023 will not be affected by the acquisition by UBS of the Swiss entity , the considered first victim of the banking crisis outside the US. However, the Swiss entity saw how its 1,500 million francs, around 1,520,420,470.21 million euros, in the shareholding of the Swiss bank became worth 300 million , although for the moment the bank of the Arab kingdom does not seem inclined to take legal action.
Last Sunday, the Swiss regulatory body for financial markets said it was studying whether it is possible to hold the management of Credit Suisse bank accountable for its debacle and forced sale to its rival UBS.