: Chairman of Saudi National Bank who sparked turmoil for Credit Suisse resigns: report


Ammar Al Khudairy, the chairman of Saudi National Bank 1180, +0.98%, has reportedly resigned and will be replaced by the bank’s chief executive officer, Saeed Mohammed Al Ghamdi, Bloomberg reported on Monday. Comments from Al Khudairy sparked a selloff in Credit Suisse stock and wider stress across global financial markets a little over two weeks ago when he said his bank — the biggest shareholder in the Swiss lender — would not buy any more shares due to regulatory limitations. Days later, Credit Suisse CS, -1.23% CSGN, +2.50% entered an agreement to be bought in a government brokered deal by arch-rival UBS UBS, -0.94% UBSG, +1.62% for $3.25 billion. MarketWatch has reached out to the Saudi National Bank for comment.

This article was originally published by Marketwatch.com. Read the original article here.

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