Now, the chairman of the Saudi National Bank has resigned after the Fallout of Switzerland. Accredited Suites the Saudi National Bank was the main shareholder of Credit Suisse, which found itself at the brink of collapse
Earlier this month, Switzerland’s UBS bank took over credit Suites. After the government stepped in the Saudi bank’s board of directors accepted the resignation of Amar al-qadiri. Now according to the official statement, the chairman resigned due to personal reasons.
Saudi National Bank confirmed last week that, it had been hit with the loss of around 80 percent on its investment. This followed the collapse of Credit Suisse the Riyadh based Bank held a 9.9 stake in Credit Suisse.
It had invested 1.5 billion US dollars in the 167 year old Swiss lender in November. Last year despite, the last Saudi National Bank says, it’s a broader strategy remains unchanged, credit suisse’s shares plummeted in March.
After the al-qadiri had said that, the Saudi bank would no traise its stake from 9.9 percent due to regulatory constraints. Experts say, the credit suisse’s demise was a long time coming with aculmination of years of scandals multi-billion dollar losses leadership changes and a strategy that failed to inspire investor confidence we are now available in your country.
