Saudi National Bank , the largest shareholder in Credit Suisse before the bank's rescue earlier this month, on Monday named a new chairman after the lender suffered significant losses on its investment.
A man withdraws money from an ATM outside the Saudi National Commercial Bank , after an outbreak of coronavirus, in Riyadh, Saudi Arabia, March 18, 2020. REUTERS/Ahmed Yosri, the largest shareholder in Credit Suisse before the bank's rescue earlier this month, on Monday named a new chairman after the lender suffered significant losses on its investment.
All changes are effective March 27, and come nearly two weeks after Al Khudairy said the kingdom's biggest bank by assets would not buy more shares in Credit SuisseThe remarks were seen as a trigger to a further sell-off in the Swiss bank's shares and exacerbated a crisis of confidence in the lender that had already seen clients pull more than $110 billion in the last three months of 2022.
By last week, it was sitting on a loss of more than $1 billion but said on March 20 that the drop in its investment's value had no impact on its growth plans and would not affect profitability.
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