- Cocos The sale of Credit Suisse opens another gap for banking: investors fear for their CoCos
- Switzerland delivers Credit Suisse to UBS at balance price to avoid collapse amid banking crisis
The chairman of the Saudi National Bank (SNB), Ammar al Khudairy, who was the main shareholder of Credit Suisse before it was bought a week ago by UBS, has resigned for "personal reasons", the Saudi state bank said on Monday.
The SNB accepted the resignation of Al Khudairy for "personal reasons" and appointed Saeed Mohamed al Ghamdi as the new president of the bank with effect from Monday, according to a statement from the bank published on the Saudi Stock Exchange, which announced other changes in the top management.
Comments from Al Khudairy helped cause shares to fall 24% after he said he would no longer invest in the Swiss entity to clean up its battered accounts.
The Saudi state bank, which was the main owner of Credit Suisse shares (9.8% of the total), said last Monday that its growth in 2023 will not be affected by the acquisition by UBS of the Swiss entity, considered the first victim of the banking crisis outside the US.
However, the Swiss entity saw how its 1,500 million francs in the shareholding of the Swiss bank became worth 300 million, although for the moment the bank of the Arab kingdom does not seem inclined to take legal action.
Yesterday, Switzerland's financial markets regulator said it was studying whether it was possible to hold Credit Suisse's management accountable for its debacle and forced sale to rival UBS.
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