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Saudi National Bank

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business2 years ago

Saudi National Bank Chairman Resigns Following Credit Suisse Loss and Investor Backlash.

The chairman of Saudi National Bank, Ammar Al Khudairy, has resigned for personal reasons less than two weeks after his comments contributed to Credit Suisse's demise. The Saudi bank had taken a loss of more than $1 billion on its stake of almost 9.9% in Credit Suisse. CEO Saeed Mohammed Al Ghamdi will take over as chairman from Al Khudairy, and Deputy CEO Talal Ahmed Al Khereiji takes over as acting chief executive. The leadership changes are effective March 27.

via Reuters.com|
#business#chairman-resigns#credit-suisse
business2 years ago

Saudi National Bank Chairman Resigns Following Credit Suisse Controversy

The chairman of the Saudi National Bank, Ammar Al Khudairy, has resigned from his post due to personal reasons. His resignation comes just days after his critical comments about Credit Suisse sparked a panic that resulted in a forced rescue of the troubled lender by rival UBS. Al Khudairy had declared that the Saudi National Bank, Credit Suisse's biggest shareholder, would not consider pouring more money into the Swiss banking giant. His remarks prompted a major selloff of Credit Suisse shares, and the crisis culminated in a government-brokered emergency rescue in which UBS agreed to a $3.3 billion takeover.

via New York Post |
#banking-crisis#business#credit-suisse
business2 years ago

Saudi National Bank Chairman Resigns Following Credit Suisse Comments and Sell-Off

The chairman of Saudi National Bank, Ammar Al Khudairy, has resigned due to personal reasons less than two weeks after his comments about Credit Suisse accelerated a plunge in its share price. Al Khudairy had ruled out increasing the bank's stake in Credit Suisse during an interview with Bloomberg TV, which caused the Swiss lender's stock to plunge to the lowest level on record. Saudi National Bank, which is 37%-owned by Saudi Arabia's sovereign wealth fund, acquired a 9.9% stake in Credit Suisse in October for $1.5 billion, making it an anchor investor in the bank's turnaround plan.

via CNN|
#business#credit-suisse#investment
business2 years ago

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.

via CNBC|
#banking#business#chairman-resignation
finance2 years ago

Saudi National Bank Chairman Resigns Over Credit Suisse Comment

Ammar Al Khudairy, the chairman of Saudi National Bank, has resigned due to personal reasons just days after his comments helped spark a slump in Credit Suisse's shares. Al Khudairy's comments that Saudi National Bank would not be open to further investments in Credit Suisse if there was another call for additional liquidity caused the Swiss bank's stock to plunge to the lowest level on record. UBS later agreed to buy Credit Suisse in a government-brokered deal aimed at containing a crisis of confidence that had started to spread across global financial markets.

via Yahoo Finance|
#chairman-resignation#credit-suisse#finance
business2 years ago

Saudi National Bank Chairman Resigns Over Credit Suisse Controversy

The chairman of Saudi National Bank has resigned following controversial comments made by Credit Suisse's CEO about the bank's relationship with Saudi Arabia. The comments sparked outrage in the country, with many calling for a boycott of the Swiss bank. The resignation comes amid growing tensions between the two countries over human rights issues.

via Financial Times|
#business#controversy#credit-suisse
finance2 years ago

Credit Suisse faces crisis as markets tumble and backers withdraw support.

Credit Suisse's largest shareholder, Saudi National Bank, has said that the recent market turmoil in the banking sector is "isolated" and stems from "a little bit of panic." Credit Suisse has announced it will be borrowing up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank to shore up liquidity and investor confidence after its stock plunged Wednesday. TikTok has said that forcing ByteDance to sell its stakes in the app will not ease security concerns. Australia's unemployment rate fell slightly from 3.7% in January to 3.5% in February, seasonally adjusted government data showed. Japan's trade deficit has widened to 897.7 billion yen ($6.76 million) in February, up 26.2% compared to the same period a year ago.

via CNBC|
#australia#credit-suisse#finance
finance2 years ago

Credit Suisse's Future Uncertain Amidst Backing and Regulatory Concerns

Switzerland's central bank has pledged to provide liquidity to Credit Suisse if necessary, in a bid to restore confidence in the bank. The move comes after the bank's stock plunged more than 30% on Wednesday, following months of turmoil. Credit Suisse is in the midst of a major overhaul, cutting costs and jobs and creating a separate business for its investment bank. The Swiss lender would be the first globally systemically important bank to receive a bespoke lifeline, compared with liquidity offered by central banks to the financial sector generally in times of extreme market stress, such as when economies went into lockdown to combat COVID-19.

via Reuters|
#credit-suisse#finance#financial-crisis
finance2 years ago

Credit Suisse shares plummet as Saudi investor withdraws support.

Credit Suisse shares fell over 20% to a record low after the Saudi National Bank, its biggest backer, ruled out providing any more funding for the Swiss lender. The bank has been hit by a series of missteps and compliance failures over the past few years that have damaged its reputation with clients and investors, and cost several top executives their jobs. Customers withdrew $133bn from Credit Suisse last year, and the bank reported an annual net loss of $7.9bn, its biggest since the global financial crisis in 2008.

via CNN|
#credit-suisse#finance#regulatory-regime
finance2 years ago

Credit Suisse's Future Uncertain as Saudi Backer Withdraws Support

Credit Suisse's shares hit a new all-time low after its largest investor, Saudi National Bank, said it could not provide any further financial assistance due to regulatory restrictions. The bank's CEO defended its liquidity basis, saying it is "very, very strong," and that it fulfills and overshoots all regulatory requirements. The share price rout renewed a broader sell-off among European lenders, which were already facing significant market turmoil. Investors are also assessing the impact of the bank's disclosure of "material weaknesses" in its financial reporting processes for 2022 and 2021.

via CNBC|
#credit-suisse#european-lenders#finance