The Credit Suisse storm sweeps away the president of the Saudi National Bank

The president of the Saudi National Bank, the largest shareholder of Credit Suisse before its acquisition at the beginning of the month, has resigned, the institution said on Monday in a press release published on the Riyadh Stock Exchange. The board of directors of the Saudi national bank “has accepted the resignation” of Ammar al-Khudair “for personal reasons”, according to the press release.

Ammar al-Khudairy has been replaced as head of SNB’s Board of Directors by Saeed Mohammed Al Ghamdi, who previously served as the group’s chief executive. Talal Ahmed Al Khereiji has been appointed acting director.

On March 15, statements by Ammar al-Khudairy claiming that SNB would not increase its 9.8% share in Credit Suisse for regulatory reasons, had caused the stock price of the Swiss bank to plunge. Its stocks rallied the next day after the announcement of $54 billion in aid from the Swiss central bank, but that was not enough to reassure investors amid general concern for the sector. financial.

With over 30 years of experience in the financial sector, Ammar al-Khudairy is considered an expert in corporate banking, project finance, corporate finance, mergers and acquisitions and asset management. Al-Khudairy has notably served as Managing Director and Executive Partner of Amwal AlKhaleej Investment Co.

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