Saudi National Bank chair resigns

The chair of Saudi National Bank has resigned with immediate effect.

The bank said on Monday that Ammar Al Khudairy was leaving for personal reasons, and that current chief executive Saeed Al Ghamdi would replace him.

Talal Al Kheriji was named acting chief executive.

Earlier this month, Al Khudairy told a reporter that Saudi National Bank - Credit Suisse’s biggest shareholder - would not increase its stake in the embattled lender, as it would take its holding to more than 10%, causing a "regulatory issue".

Credit Suisse’s share price, already under severe pressure, plunged following his comments, leading to its eventual government-brokered rescue by rival UBS Group.

Al Khudairy become chair of Saudi National Bank in 2021, when the bank was created through the merger of National Commercial Bank and Samba Financial Group.