{"id":1717,"date":"2023-04-29T01:25:40","date_gmt":"2023-04-29T05:25:40","guid":{"rendered":"https:\/\/ifintechworld.com\/banking\/saudi-national-bank-chair-quits-after-comments-helped-push-credit-suisse-into-tailspin\/"},"modified":"2023-04-29T01:25:41","modified_gmt":"2023-04-29T05:25:41","slug":"saudi-national-bank-chair-quits-after-comments-helped-push-credit-suisse-into-tailspin","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=1717","title":{"rendered":"Saudi National Bank Chair Quits After Comments Helped Push Credit Suisse Into Tailspin"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>The chairman of Saudi National Bank, which was the largest shareholder of Credit Suisse, has resigned, according to a statement published Monday on the Saudi stock exchange, weeks after his comments helped tip the beleaguered Swiss bank\u2019s share price into freefall, spooking already skittish financial markets and ultimately leading to a takeover by its compatriot rival UBS.<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>SNB\u2019s board said in a statement it has \u201caccepted\u201d Ammar Al Khudairy\u2019s resignation, which was \u201cdue to personal reasons.\u201d<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>The move comes days after Al Khudairy said SNB would \u201cabsolutely not\u201d pump any more money into the struggling Swiss bank, pushing its stock to a record low earlier this month and helping drag other European banks down as well.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Swiss banking giant UBS ultimately struck a $3.2 billion deal to rescue its longtime national rival, which was brokered by Swiss authorities and came at a steep discount.<\/p>\n<p>  <fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad>\n <\/div>\n<div class=\"key-facts-element\">\n<p>SNB chief executive Saeed Mohammed Al Ghamdi will replace Al Khudairy as chair, the bank said.<\/p>\n<\/p><\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">News Peg<\/h2>\n<p>SNB was Credit Suisse\u2019s top shareholder and Al Khudairy\u2019s comments came at an exceedingly poor time and intensified troubles at the Swiss bank. He ruled out investing any more money and taking its share of the Swiss institution past 10%, not least for \u201cregulatory and statutory\u201d reasons. Credit Suisse, already reeling from nearly a week of straight losses amid an array of controversies and an acknowledgment of \u201cmaterial weaknesses\u201d in its financial reporting, nosedived and share prices hit record lows. Worried over the prospect of a banking crisis, the Swiss government brokered a deal for UBS to acquire its longtime rival.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Big Number<\/h2>\n<p>$1 billion. That\u2019s how much Saudi National Bank lost from its investment in Credit Suisse in the months since acquiring a roughly 9.9% stake last year, according to Bloomberg.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Tangent<\/h2>\n<p>The slump at Credit Suisse came amid broader concerns in the financial sector following the collapse of several U.S. lenders, including Silicon Valley Bank. Unlike those U.S. lenders, which are significant but relatively minor players in the banking ecosystem, Credit Suisse is a major figure of international stature once considered too large to fail. Its demise marks the start of a new era for lending in Switzerland and a tough deal for taxpayers, as well as the creation of a new, gigantic institution.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<p>UBS Buying Rival Credit Suisse In $3.2 Billion Rescue Deal (Forbes)<\/p>\n<p>Credit Suisse Stock Plunges To Record Low As Bank Concerns Grow (Forbes)<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/roberthart\/2023\/03\/27\/saudi-national-bank-chair-quits-after-comments-helped-push-credit-suisse-into-tailspin\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline The chairman of Saudi National Bank, which was the largest shareholder of Credit Suisse, has resigned, according to a statement published Monday on the Saudi stock exchange, weeks after his comments helped tip the beleaguered Swiss bank\u2019s share price into freefall, spooking already skittish financial markets and ultimately leading to a takeover by its [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1718,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[237],"tags":[83],"class_list":["post-1717","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Saudi National Bank Chair Quits After Comments Helped Push Credit Suisse Into Tailspin | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline The chairman of Saudi National Bank, which was the largest shareholder of Credit Suisse, has resigned, according to a statement published Monday\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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