Jakarta, CNBC Indonesia – Main Director (Director) of Saudi National Bank (SNB), Ammar Al Khudairy, resigned from his position on Monday (27/3/2023) local time. His resignation comes after his comments and decisions have brought Swiss bank giant Credit Suisse toppled.
He will be replaced by SNB Group Managing Director and CEO Mohammed Al Ghamdi. In addition, former deputy Talal Ahmed Al Khereiji will become the new CEO of the SNB Group.
“Al Khudairy resigned due to personal reasons,” the bank was quoted as saying by the Saudi exchange CNBC International.
Al Khudairy’s resignation came days after his comments in mid-March that the SNB was unlikely to increase its holdings in Credit Suisse, at a time when the Swiss lender was battling a crisis of investor confidence that plunged its shares.
“The SNB will not mediate for many reasons beyond the simplest reasons, namely regulations and laws,” he said at the time.
The comments sparked investor panic, sinking Credit Suisse shares 24% during the session. It is known, SNB is the holder of 9.9% shares in the bank.
Credit Suisse was later acquired by rival UBS on March 19 for 3 billion Swiss francs (Rp 49 trillion). In the process, SNB lost about 80% of its investment in Credit Suisse as UBS paid shareholders a discounted price of 0.76 Swiss francs (Rp 12,500) per share.
[Gambas:Video CNBC]
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