Saudi National Bank Chair Resigns After Credit Suisse Buyout: Statement
Umer Jamshaid Published March 27, 2023 | 07:07 PM
The chairman of Saudi National Bank, which was the main shareholder of Credit Suisse before its buyout this month, has resigned, a statement said on Monday
Riyadh, (UrduPoint / Pakistan Point News - 27th Mar, 2023 ):The chairman of Saudi National Bank, which was the main shareholder of Credit Suisse before its buyout this month, has resigned, a statement said on Monday.
The Saudi bank's board of directors "accepted the resignation" of Ammar AlKhudairy "due to personal reasons", said the statement published on the Saudi stock exchange.
Credit Suisse's shares plummeted on March 15 after AlKhudairy said the Saudi bank would not raise its stake from 9.8 percent due to regulatory constraints.
The following day, Credit Suisse rallied on the stock market after grabbing a $54 billion central bank lifeline in a bid to restore investor confidence.
But fears about the health of the broader financial sector led to its takeover by domestic rival UBS on March 19.
In the immediate aftermath of his comments, AlKhudairy tried to minimise what he described as a "panic".
"If you look at how the entire banking sector has dropped, unfortunately, a lot of people were just looking for excuses," he told CNBC television.
"It's panic, a little bit of panic. I believe completely unwarranted, whether it be for Credit Suisse or for the entire market."Saeed Mohammed Al Ghamdi, who had been serving as CEO, will replace AlKhudairy as chair, Monday's statement said.
Talal Ahmed Al Khereiji has been appointed acting CEO, it said.
Related Topics
Recent Stories
Govt reduces petrol price by Rs5.45 per litre
Pakistan’s Ambassador to UAE meets Ruler of Ras Al Khaimah
Statement of Engro Corporation - LNG Case Decision
Wasim Akram touches fans’ hearts by new look
Empowering women for employment is the need of hour, says Sadaffe Abid
Global study reveals Pakistan’s inadequate measures against Tobacco Industry
Co-Working Center launched in Okara under PITB’s e-Earn program
BHC judges recommend legal action over agencies interference into judicial matte ..
Third Women T20I: Pakistan to face West Indies today
Mahira Khan delights at Arijit Singh’s concert in Dubai
Dubai Customs Celebrates World Intellectual Property Day, Honors Schools and Uni ..
Vivo Reveals Durefishan Saleem as Brand Ambassador for its Upcoming Y100 Smartph ..
More Stories From Business
-
Petrol prices slashed by Rs 5.45 per liter
8 hours ago -
Govt reduces petrol price by Rs5.45 per litre
8 hours ago -
FBR issues Income Tax General Order to enforce return filing
9 hours ago -
Planning minister reviews preparations for upcoming 13th JCC meeting, PM Shehbaz’s expected visit ..
9 hours ago -
FBR issues Income Tax General Order to enforce return filing
9 hours ago -
LCCI delegation visits Business Facilitation Center
12 hours ago
-
2-day Pak-International Poultry Expo begins
12 hours ago -
Minister visits Punjab Model Bazaars Management Company
12 hours ago -
Kyrgyz Honorary Consul calls on Punjab Governor
12 hours ago -
Statement of Engro Corporation - LNG Case Decision
13 hours ago -
Brazil's producer inflation rises 0.35% in March
13 hours ago -
Global study reveals Pakistan’s inadequate measures against Tobacco Industry
13 hours ago