Saudi Bank Chief Resigns After Credit Suisse Comment Triggers Share Price Collapse | Sahara Reporters

NewsThe chairman of Saudi Arabia’s largest lender, the Saudi National Bank , Ammar Al Khudairy, has resigned from his position, the bank announced on Monday.Although, Khudairy’s resignation was officially “due to personal reasons,” it came mere days after his comments triggered a share price collapse of Switzerland’s second-largest bank, Credit Suisse.He categorically stated that SNB would not provide additional capital to the troubled Credit Suisse in an interview with Bloomberg TV on Monday.

Credit Suisse last month reported a 2022 net loss of 7.3 billion francs and warned that it would incur another “substantial” loss in 2023 before returning to profitability in 2024. With clients withdrawing their money in droves, Credit Suisse turned to the Swiss central bank for a loan of 50 billion francs last week.The newly combined bank will boast more than $5 trillion of invested assets.

Source: Loan Digest (loandigest.net)

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