Saudi National Bank chair resigns after Credit Suisse comments

Ammar al-Khudairy’s remarks about Swiss lender spurred investor panic that led to emergency takeover

The chair of the Saudi National Bank has resigned for “personal reasons” less than two weeks after his comments spurred investor panic over Credit Suisse that ended in its emergency takeover by larger Swiss rival, UBS.

The Saudi National Bank (SNB), which was Credit Suisse’s largest shareholder, announced on Monday that it had “accepted” Ammar al-Khudairy’s resignation, and that he would be immediately replaced by its chief executive.