Saudi National Bank Appoints New Chairman, Acting CEO Amid Credit Suisse Losses
Saudi National Bank CEO Saeed Mohammed Al Ghamdi on Monday was appointed the bank’s new chairman of the Board of Directors, effective March 27. This follows the resignation of the former chairman, Abdul Wahed Al Khudairy, for “personal reasons,” according to a statement released by the bank on Monday. Meanwhile, Talal Ahmed Al Khereiji has been appointed as the bank’s acting CEO.
The reshuffle comes nearly two weeks after Al Khudairy announced that Saudi National Bank, the kingdom’s largest commercial bank, would not be purchasing more shares in Credit Suisse for regulatory reasons. This announcement led to Credit Suisse’s shares plummeting to a record low.
Saudi National Bank purchased almost 9.9% of Credit Suisse for $1.46 billion last November, and the bank’s investment fell to a loss of about 80% last week due to the forced takeover of Credit Suisse by UBS for $3.2 billion.
Despite the significant drop in the value of the bank’s investment, the Saudi lender has said that it will not impact its growth plans or forward-looking 2023 guidance.
