Saudi National Bank Chair Resigns After 'Credit Suisse' Storm

The chairman of Saudi National Bank resigned for "personal reasons" after his comments on Credit Suisse sent that firm's stock cratering, a regulatory filing in the kingdom said on Monday. The filing on Riyadh's Tadawul stock exchange announced Ammar al-Khudairy's resignation from Saudi National Bank.

It dated his resignation as coming on Sunday. Shares of Credit Suisse sank over 30 per cent after al-Khudairy announced March 15 that its biggest shareholder - the Saudi National Bank - would not provide more money to the Swiss lender. Hours later, Switzerland's central bank agreed to lend Credit Suisse up to 50 billion francs (USD 54 billion) to shore up its finances. Swiss authorities later cut a deal with its bigger rival UBS to acquire troubled Credit Suisse at a marked-down price.

(PTI)