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The boss of the Saudi National Bank abruptly resigned from his post Monday, just days after his critical comments about Credit Suisse sparked an industrywide panic that resulted in a forced rescue of the troubled lender by rival UBS.
Saudi National Bank Chairman Ammar Al Khudairy is stepping down “due to personal reasons,” a press release said without further elaboration.
He had led the bank since 2021.
Mohammed Al Ghamdi will replace Al Khudairy as chairman.
Al Khudairy’s resignation came less than two weeks after he rattled the market about Credit Suisse, whose troubles had reignited fears of a global banking meltdown.
“The SNB Chairman was a victim of giving his honest opinion at such a tense time for Credit Suisse,” Mohammed Ali Yasin, a capital markets specialist and investment advisor, told Bloomberg.
