Saudi National Bank chair resigns following Credit Suisse comments

The chair of Saudi National Bank, Ammar Alkhudairy, has resigned for personal reasons after the kingdom’s largest lender was thrust into the limelight amid the tumult at Credit Suisse.

The chief executive, Saeed Al Ghamdi, will replace Alkhudairy as chair, the bank said on Monday. Talal Al Khereiji becomes acting chief executive.

This month, Alkhudairy said in a television interview that SNB, which bought a stake of just under 10 per cent in Credit Suisse last year, would not provide any more financial assistance. He said purchasing more shares would have pushed SNB’s stake above 10 per cent and caused a “regulatory issue”.

His comments sent Credit Suisse’s share price into a tailspin, eventually leading to its rescue by Swiss rival UBS.

This is a developing story.