Ammar al-Khudairy is to be substituted by Mohammed al-Ghamdi as Saudi National Bank Chairman

SNB

On Monday, days after Ammar al-Khudairy comments exacerbated the share collapse of troubled bank Credit Suisse, Saudi National Bank Chairman Ammar al-Khudairy gave up his post.

He is to be replaced by SNB Managing Director and Group CEO Mohammed al-Ghamdi, with former deputy Talal Ahmed al-Khereiji now the new SNB acting CEO, according to an SNB statement to the Saudi Stock Exchange (Tadawul).

Al-Khudairy’s resignation follows after days of his mid-March comments to Bloomberg that SNB was unlikely to supplement its stake in Credit Suisse, at a time when the European lender had a crisis of investor confidence that affected its shares.

The then-SNB chairman stated the Saudi bank would not intercede “for many reasons outside the simplest reason, which is regulatory and statutory.”

The comments increased investor panic, sinking Credit Suisse shares 24% during that session, despite effectively reiterating SNB’s previous position that it did not intend to expand its holdings over its former 9.9% interest as Credit Suisse’s largest shareholder.

The Swiss bank was acquired by Zurich rival UBS on March 19 for 3 billion Swiss francs ($3.2 billion), in a late-weekend union brokered by the Swiss government. SNB lost roughly 80% of its investment in Credit Suisse — over $1 billion — during the takeover, as UBS paid shareholders a sharply discounted price of just 0.76 francs per share under the terms of the rescue agreement.

The largest commercial bank in Saudi Arabia, SNB is the young product of a 2021 union between the National Commercial Bank and the Samba Financial Group.

Saudi Arabia has encouraged the merging of its financial entities amid Crown Prince Mohammed bin Salman’s broader Vision 2030 push to vary the kingdom’s revenues and economic growth prospects away from hydrocarbon earnings.

Leave a Reply

Important Link

Fund Your Deriv Account
Withdraw Funds to Your Local Currency
VIP Trading Signals
Learn To Trade

Contact Us

Follow Us

Disclaimer

Forex, Crypto, Options, and Binary Options have both large potential rewards and large potential risks. Therefore, before investing or trading any of the assets, ensure you are aware of and willing to accept the accompanying risks. Do not trade money you cannot afford to lose.

All Rights Reserved. None of the content of this website can be published elsewhere by any means without the prior consent of the owner(s). Please, check our terms & conditions and privacy policy before continuing to use this website.

This website and its owner(s) are not in any way liable for any incurred loss, whether caused by the information provided on this website or otherwise. The use of this website, including the content and information provided, is the user’s sole liability.