The Saudi National Bank appointed a new chairman today, Monday, after incurring significant losses in its investments. It confirmed that CEO Saeed Mohammed Al-Ghamdi will assume the role of chairman, succeeding Ammar Al-Khudairy, who announced his resignation earlier. The bank also stated that Deputy CEO Talal Ahmed Al-Khudairy will serve as the acting CEO.
These statements have motivated further intensive selling of the Swiss bank's shares and have exacerbated the crisis of confidence in the bank, which had already seen clients withdraw over $110 billion by the end of 2022. Alongside the global tensions in the banking sector and the low stock price, Al-Khudairy's comments contributed to Credit Suisse losing half of its value, leading to its acquisition by local rival UBS for $3.2 billion.
The Saudi National Bank, which acquired about a 9.9% stake in Credit Suisse for 5.5 billion riyals ($1.46 billion) last November, has lost more than $26 billion in market value since October 27.
