Ammar Al-Khudairy had ruled out fresh investment in the Swiss lender, a comment blamed for contributing to its demise
A Credit Suisse branch in Bern, Switzerland, November 29 2022. Picture: ARND WIEGMANN/ REUTERS
That helped trigger to a further sell-off in the Swiss bank's shares, worsening a crisis of confidence in the lender which saw clients pull out more than $110 billion in the final quarter of 2022. CEO Saeed Mohammed Al-Ghamdi will take over as chair from Al Khudairy, who the bank on Monday said had resigned for personal reasons. Deputy CEO Talal Ahmed Al-Khereiji takes over as acting CEO, a bourse statement said.Shares in SNB closed down 0.11% on Monday after having jumped almost 2% following the news. SNB was formed through a merger of National Commercial Bank and Samba Financial Group in 2021 leading to an entity with combined assets of more than 900-billion riyals .
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