Saudi National Bank chairman resigns following Credit Suisse losses
Ammar Al Khudairy, chairman of Saudi National Bank, has resigned citing personal reasons, and has been replaced by CEO Saeed Mohammed Al Ghamdi.
SNB appoints new chairman
Saudi National Bank was the largest shareholder in troubled bank Credit Suisse before it was taken over by UBS in a rescue deal last week, resulting in losses for the Saudi banking giant.
The bank’s CEO Al Ghamdi will assume the role of chairman, with deputy CEO Talal bin Ahmed Al-Khereiji taking over as chief executive, effective as of today.
In October, Saudi National Bank, the biggest bank in Saudi Arabia, committed to invest up to $1.5 billion for a 9.9% stake in Credit Suisse as part of a “radical restructure” at the Swiss firm that included 9,000 job cuts and fundraising efforts of around $4 billion.
According to media reports, the UBS takeover reportedly led to a loss of more than $1 billion for Saudi National Bank.
