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Credit Suisse Largest Shareholder Chief Calls Quit After Sparking A Debacle

Days after declining to further assist Credit Suisse Group AG amid erupting banking crisis, Ammar Al Khudairy, Chairman of Saudi National Bank decided to resign from his post. However, the Saudi National Bank is the largest shareholder of collapsed Credit Suisse.

According to Bloomberg, Ammar Al Khudairy resigned due to some personal reasons. However, CEO Saeed Mohammed Al Ghamdi will be replacing him in this process. Al Khudairy was named Chairman of the bank at the time of the merger of Samba Financial Group and National Commercial Bank.

Reports depict that the Riyadh-based bank registered a major lose in the recent UBS takeover of Credit Suisse in a $3.2 billion deal. Credit Suisse’s largest shareholder went on to witness a loss of around 80% on its investment.

(By Ashish Kumar)

Credit Suisse Banking Crisis
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