Monday, December 4

Saudi National Bank chairman who refused to help Credit Suisse removed

Ammar Al-Khudeiri, the chairman of the Saudi National Bank (SNB), has resigned. He has given a personal reason for this, but it is being linked to his remarks against Switzerland’s troubled investment bank Credit Suisse. Khudeiri had said on March 15 that the SNB would not give more money to Credit Suisse. He was asked whether he would invest more in Credit Suisse. Credit Suisse shares fell more than 30% after his refusal. SNB is the largest shareholder of Credit Suisse. Last year SNB bought a 9.9% stake in Credit Suisse.

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