Saudi National Bank chairman quits after triggering Credit Suisse turmoil

Saudi National Bank chairman quits after triggering Credit Suisse turmoil

The chairman of Credit Suisse's largest shareholder has quit after his comments helped trigger the slump in its shares that led to its rescue . Ammar Al Khudairy said he had resigned from Saudi National Bank for personal reasons, days after saying he would "absolutely not" inject more cash into the struggling Swiss bank. Credit Suisse's stock plunged to its lowest level on record following his comments during an interview. That helped drag all European banks lower as investors shied away from risk following the collapse of three lenders in the US . It also hammered Saudi National Bank's 9.9pc stake in Credit Suisse, which it acquired for 1.4bn Swiss francs (£1.3bn) in November last year. UBS later agreed to buy Credit Suisse for 3 billion francs (£2.7bn) in an historic, government-brokered deal aimed at containing the crisis of confidence that had started to spread across markets worldwide. Banks across the FTSE 350 have fallen by nearly 15pc since the crisis in markets began with the collapse of Silicon Valley Bank. The chief executive of Australia and New Zealand Banking Group said on Monday that the banking turmoil has the "potential" to lead to another global financial crisis. In the