Saudi National Bank shakes things up at the top

He will be replaced by Saeed Mohammed Al Ghamdi
Saudi National Bank shakes things up at the top
Ammar Al Khudairy (Photo Credit: SPA)

The Saudi National Bank (SNB), which is the largest shareholder in troubled Credit Suisse Group AG, replaced a top-level executive in a shake-up announced on Monday.

Ammar Al Khudairy, the chairman of the board of directors resigned with effect from Sunday.

He will be replaced by SNB’s current CEO, Saeed Mohammed Al Ghamdi, according to a statement by the bank on the Saudi Stock Exchange (Tadawul). Talal Ahmed Al Khereiji has been named the acting CEO.

Read more: UBS acquires Credit Suisse for 3 billion Swiss francs to end bank crisis

The statement said Al Khudairy resigned for personal reasons.

SNB acquired a 9.88% stake in Credit Suisse last year after taking part in the Swiss lender’s capital raising and committed to investing up to $1.63 billion.

Following the more than 30% drop in Credit Suisse’s stock price earlier this month, SNB said it would not increase its stake in CS to 10% or above, as it would be in breach of regulations.

The Swiss bank’s shares dropped to record lows and its credit spreads surged about two weeks ago.

A few days later, UBS agreed to buy Credit Suisse in an all-share deal for $3.2 billion as part of a state-backed rescue deal.

For more on banking and finance, click here.

The stories on our website are intended for informational purposes only. Those with finance, investment, tax or legal content are not to be taken as financial advice or recommendation. Refer to our full disclaimer policy here.