Breaking: Credit Suisse Largest Shareholder Chief Calls Quit After Sparking A Debacle

Crypto News: Days after declining to further assist Credit Suisse Group AG amid erupting banking crisis, Ammar Al Khudairy, Chairman of Saudi National Bank decided to resign from his post. However, the Saudi National Bank is the largest shareholder of collapsed Credit Suisse.

SNB Lost 80% Of Its Investment In  Credit Suisse Bank

According to Bloomberg, Ammar Al Khudairy resigned due to some personal reasons. However, CEO Saeed Mohammed Al Ghamdi will be replacing him in this process. Al Khudairy was named Chairman of the bank at the time of the merger of Samba Financial Group and National Commercial Bank.

Reports depict that the Riyadh-based bank registered a major loss in the recent UBS takeover of Credit Suisse in a $3.2 billion deal. Credit Suisse largest shareholder went on to witness a loss of around 80% on its investment.

The Saudia National Bank invested approx $1.5 billion (1.4 billion Swiss francs) for taking almost 10% of the shares in Credit Suisse. Riyadh based bank acquired the stake in Credit Suisse at 3.82 francs per share in November 2022. However, the Swiss bank’s share price has dropped to trade at 0.76 francs. Read More Crypto News Here…

Also Read: Crypto-Friendly SVB Acquired By First Citizens Bank At 99% Discount

The back to back collapse of the U.S. based crypto friendly banks impacted the digital asset industry at first. However, the crypto market cap recovered from the major dump to regain the $1.2 trillion level.

Bitcoin, the world’s largest crypto price surged to climb the much anticipated $28K price level. Bitcoin price is up by around 20% in the last 30 days. BTC is trading at an average price of $27,855, at the press time.

Also Read: Bitcoin (BTC) Liquidity Hits 10-Month Low, Expect More Volatility Ahead