Saudi National Bank (SNB) President Ammar Abdul Wahid Al Khudairi has resigned from his post citing personal reasons. The CEO of the bank, Saeed Mohammed Al Ghamdi, has been appointed as the new Chairman and has subsequently stepped down as Group CEO and Managing Director. The bank's board appointed Talal Ahmed Al Kheriji as executive CEO. All these changes have become effective from today i.e. 27th March.
Gave this answer
Ammar Al Khudairi's resignation came when he was asked if he would invest more in Credit Suisse, he replied in the negative. Saudi National Bank is the largest shareholder of Swiss lender Credit Suisse. Last year, SNB bought a 9.9 per cent stake in Credit Suisse and became the largest shareholder. After this statement, the shares of Swiss Bank came down to a record low. Credit Suisse is striving to win the trust of investors and customers. On the other hand, the investment value of Silicon Valley Bank has also reduced by more than one billion dollars.
Al Khudairi clarified
Following Al Khudairi's statement and its fallout, the Saudi National Bank clarified that Credit Suisse had not asked for any kind of capital investment or assistance. Al Khudairi said in another interview to CNBC that there has been no discussion with Credit Suisse regarding the help. I don't know where the word help comes from. There has been no discussion since October about more capital investment or help to Credit Suisse. He said it was nonsense that he refused to help. No help was sought by Credit Suisse.
Credit Suisse shares rose
Today on Monday, there is bound to be a rise in the shares of Credit Suisse. Bank's shares are seeing a rise of 3 percent today and is trading at 0.78 CHF. The stock of the company has gone down by 72.51 per cent in about a month. This means that there has been a decrease of 2 CHF in the company's stock during this period. Recently a report came in which the bank's stock has sunk more than 90 percent from the life time high.
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