Ammar Al Khudairy, the chairman of Saudi National Bank, has resigned and will be replaced by the bank’s chief executive officer, Saeed Mohammed Al Ghamdi, the lender said in a statement.
Ammar Al Khudairy, the chairman of Saudi National Bank 1180, +0.98%, has resigned and will be replaced by the bank’s chief executive officer, Saeed Mohammed Al Ghamdi, the lender said in a statement on Monday.His comments about Credit Suisse CS, -0.73% CSGN, +1.05% were seemingly the last straw before a share price freefall that saw the bank agree to get bought out by UBS UBS, +0.53% with Swiss government assistance.
He had gone on Bloomberg TV and was asked if it would increase its stake. “The answer is absolutely not, for many reasons outside the simplest reason, which is regulatory and statutory,” he said. Investors panicked, sending Credit Suisse shares down 24%, even though his comments were fairly consistent with what the bank had said in October. At that time, it said it had no current plans to go beyond a 9.9% shareholding, though it did say “any future investment would be appraised individually at the time by carefully considering the merits of such investment based on financial impact, capital treatment and long-term shareholder value creation.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi National Bank chair resigns just days after Credit Suisse comments sparked sell-offAl-Khudairy's resignation comes days after his comments fueled investor panic and contributed to a selloff in the shares of embattled lender Credit Suisse.
Read more »
Saudi National Bank Chair Quits After Comments Helped Push Credit Suisse Into TailspinThe chairman of Credit Suisse’s largest shareholder helped trigger a calamitous drop in share price when he ruled out pumping more cash into the ailing bank.
Read more »
Saudi National Bank chair resigns after Credit Suisse comments | CNN BusinessThe chairman of Credit Suisse’s largest shareholder, Saudi National Bank, has resigned less than two weeks after comments he made about the Swiss lender accelerated a plunge in its share price.
Read more »
Chairman of Saudi National Bank who sparked turmoil for Credit Suisse resigns: reportAmmar Al Khudairy, the chairman of Saudi National Bank has reportedly resigned and will be replaced by the bank’s chief executive officer, Saeed Mohammed Al...
Read more »
Saudi National Bank appoints Al Ghamdi as chairmanSaudi National Bank Chief Executive Saeed Mohammed Al Ghamdi has been appointed as the bank's chairman after the resignation of Abdul Wahed Al Khudairy for personal reasons, it said on Monday.
Read more »
Saudi National Bank appoints new chairman after Credit Suisse lossSaudi National Bank , the largest shareholder in Credit Suisse before the bank's rescue earlier this month, on Monday named a new chairman after the lender suffered significant losses on its investment.
Read more »