Ammar Al-Khudairy, the chair of the Saudi National Bank whose comments helped spark a slump in Credit Suisse shares which ultimately led to its takeover by rival UBS, has resigned.
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استقالة رئيس البنك الأهلي السعودي بعد تصريحاته بخصوص كريدي سويس
Shares of Credit Suisse fell by over 30% after al-Khudairy announced on March 15 that its biggest shareholder — the Saudi National Bank — would “absolutely not” provide more funds to the Swiss bank if there was another call for additional liquidity.
Hours later, the Swiss National Bank was forced to agree to lend Credit Suisse up to CHF50 billion ($54 billion) to shore up its finances. But the emergency funding failed to retore market confidence and the start of a run on Credit Suisse could not be averted.
Just over a week ago the Swiss government pushed through a last-minute deal for UBS to acquire ailing Credit Suisse at a marked-down price. UBS will pay CHF3 billion (€3.2 billion) in an all-share deal that includes extensive government guarantees and liquidity provisions.
The Saudi National Bank, which is 37% owned by the kingdom’s sovereign wealth fund, acquired a 9.9% stake in Credit Suisse for CHF1.4 billion last year.
The investment has shrunk by around 80% following the UBS takeover deal that valued Credit Shares at well below their trading price in the days leading up to the dramatic rescue of Switzerland’s second largest bank.
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