Credit Suisse Group’s (NYSE:CS) largest shareholder, Saudi National Bank (SNB), recently announced the resignation of its Chairman, Ammar Alkhudairy. The bank said that the resignation was due to personal reasons. Additionally, SNB’s CEO, Saeed Mohammed Al Ghamdi, will replace Alkhudairy.
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Earlier this month, Alkhudairy said that SNB would not provide any more financial assistance to the struggling Credit Suisse. Following this, UBS Group (UBS) agreed to rescue Credit Suisse at a discounted price. The price of CS stock drastically fell as a result of Alkhudairy’s remarks.
The Riyadh-based bank bought a 9.9% stake in Credit Suisse for CHF 1.4 billion ($1.5 billion) in November 2022. Meanwhile, SNB said that its investment in Credit Suisse had been hit with a loss of around 80%.
