The chair of Saudi National Bank, Ammar Alkhudairy, has resigned citing personal reasons.
The news comes days after his comments about not investing more money in Credit Suisse which led to shares nosediving and ultimately UBS buying the embattled Swiss lender.
The chief executive, Saeed Al Ghamdi, will replace Alkhudairy as chair, the bank said on Monday. Talal Al-Khereiji becomes acting chief executive.
Earlier this month Alkhudairy said SNB, which bought a 9.9 per cent stake in Credit Suisse last year, would not provide any more financial assistance.
He said buying more shares would have pushed SNB’s stake above 10 per cent and caused a “regulatory issue”.
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