Saudi National Bank chair resigns after Credit Suisse comments
by Kalyeena Makortoff Banking correspondent from World news | The Guardian on (#6A767)
Ammar al-Khudairy's remarks about Swiss lender spurred investor panic that led to emergency takeover
The chair of the Saudi National Bank has resigned for personal reasons" less than two weeks after his comments spurred investor panic over Credit Suisse that ended in an emergency takeover by its larger Swiss rival, UBS.
The Saudi National Bank (SNB), which was Credit Suisse's largest shareholder, announced on Monday that it had accepted" Ammar al-Khudairy's resignation, and that he would be immediately replaced by its chief executive.
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