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Credit Suisse, Saudi National Bank chairman resigns

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Credit Suisse, Saudi National Bank chairman resigns

Twist in the Saudi National Bank, with an entirely internal succession that evidently aims to turn the page immediately after the “accident” of recent weeks.

Ammar Al Khudairy, the chairman of the Saudi National Bank, whose remarks recently helped plunge Credit Suisse shares, has resigned. He will be replaced by CEO Saeed Mohammed Al Ghamdi, according to Bloomberg reports. In an interview earlier this month, Al Khudairy said Saudi National Bank would not be open to further investment in Credit Suisse if there was another demand for additional liquidity.

Credit Suisse shareholders have seen the value of their investment fall significantly and in the card-for-card merger with UBS they will receive even less.

Al Khudairy became chairman of Saudi National Bank in 2021 when it was created through a merger of National Commercial Bank and Samba Financial Group. According to a statement, he is leaving office “for personal reasons”.

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As mentioned, the successor has been identified in Saeed Mohammed Al Ghamdi, while Talal Ahmed Al Khereiji will assume the position of CEO after having been deputy and head of the wholesale market.

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