Saudi National Bank chair resigns after Credit Suisse storm

The chairman of Saudi National Bank has resigned for “personal reasons” after his comments on Credit Suisse sent that firm’s stock cratering. A filing on Monday on Riyadh’s Tadawul stock exchange announced Ammar al-Khudairy’s resignation from Saudi National Bank. It dated his resignation as coming on Sunday. Shares of Credit Suisse sank over 30% after al-Khudairy announced on March 15 that its biggest shareholder — the Saudi National Bank — would not provide more money to the Swiss lender. Hours later, Switzerland’s central bank agreed to lend Credit Suisse up to $54 billion to shore up its finances. Swiss authorities later cut a deal with its bigger rival UBS to acquire troubled Credit Suisse at a marked-down price.