Saudi National Bank's Chairman Resigns Following Credit Suisse Turmoil
Saudi National Bank Chairman Ammar al-Khudairy has resigned due to personal reasons, days after his comments exacerbated the share collapse of troubled bank Credit Suisse. SNB Managing Director and Group CEO Mohammed al-Ghamdi will replace him, with former deputy Talal Ahmed al-Khereiji now the new SNB acting CEO. SNB lost roughly 80% of its investment in Credit Suisse during the takeover, as UBS paid shareholders a sharply discounted price of just 0.76 francs per share under the terms of the rescue agreement.