Saudi National Bank chair resigns after Credit Suisse storm

By JON GAMBRELL
Associated Press

DUBAI, United Arab Emirates (AP) — The chairman of Saudi National Bank has resigned for “personal reasons” after his comments on Credit Suisse sent that firm’s stock cratering. A filing on Monday on Riyadh’s Tadawul stock exchange announced Ammar al-Khudairy’s resignation from Saudi National Bank. It dated his resignation as coming on Sunday. Shares of Credit Suisse sank over 30% after al-Khudairy announced on March 15 that its biggest shareholder — the Saudi National Bank — would not provide more money to the Swiss lender. Hours later, Switzerland’s central bank agreed to lend Credit Suisse up to $54 billion to shore up its finances. Swiss authorities later cut a deal with its bigger rival UBS to acquire troubled Credit Suisse at a marked-down price.