Search Site

Trends banner

SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.

Saudi National Bank chair resigns after Credit Suisse buyout

Saeed Mohammed Al Ghamdi, who had been serving as CEO, will replace AlKhudairy as chair. (AFP)
  • Saudi bank's board of directors accepted the resignation of Ammar AlKhudairy due to personal reasons, said the statement published on Saudi stock exchange
  • Credit Suisse's shares plummeted on March 15 after AlKhudairy said the Saudi bank would not raise its stake from 9.8 percent due to regulatory constraints

Riyadh, Saudi Arabia– The chairman of Saudi National Bank, which was the main shareholder of Credit Suisse before its buyout this month, has resigned, a statement said on Monday.

The Saudi bank’s board of directors “accepted the resignation” of Ammar AlKhudairy “due to personal reasons”, said the statement published on the Saudi stock exchange.

Credit Suisse’s shares plummeted on March 15 after AlKhudairy said the Saudi bank would not raise its stake from 9.8 percent due to regulatory constraints.

The following day, Credit Suisse rallied on the stock market after grabbing a $54 billion central bank lifeline in a bid to restore investor confidence.

But fears about the health of the broader financial sector led to its takeover by domestic rival UBS on March 19.

In the immediate aftermath of his comments, AlKhudairy tried to minimise what he described as a “panic”.

“If you look at how the entire banking sector has dropped, unfortunately, a lot of people were just looking for excuses,” he told CNBC television.

“It’s panic, a little bit of panic. I believe completely unwarranted, whether it be for Credit Suisse or for the entire market.”

Saeed Mohammed Al Ghamdi, who had been serving as CEO, will replace AlKhudairy as chair, Monday’s statement said.

Talal Ahmed Al Khereiji has been appointed acting CEO, it said.