3/27, 8:28 AM (Source: TeleTrader)
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Saudi National Bank chairman resigns after Credit Suisse crisis

Credit Suisse's largest shareholder, Ammar Abdul Wahed Al Khudairy, whose comments recently prompted the Swiss bank's shares to plunge, has resigned, the Saudi Exchange said in a statement on Monday.

According to the statement, the move was due to "personal reasons." Along with the resignation of Al Khudairy, the bank also accepted the resignation of Managing Director & Group Chief Executive Officer Saeed Mohammed Al Ghamdi in order to replace Al Khudairy. At the same time, Talal Ahmed Al Khereiji will become the Acting Chief Executive Officer of the Saudi National Bank.

Earlier this month, Al Khudairy commented in an interview that he was not open to new investment in Credit Suisse if another liquidity offer was requested. The comments sparked the crisis at the Swiss bank and its eventual takeover by UBS.

Baha Breaking News (BBN) / JG