Saudi National Bank chairman resigns after Credit Suisse storm

A person walks past a logo of the Swiss bank Credit Suisse in Zurich (AP)

The chairman of the Saudi National Bank has resigned for “personal reasons” less than two weeks after his comments on Credit Suisse fuelled the lender’s share price crash that ultimately saw it acquired by rival company UBS.

The resignation of Ammar al-Khudairy at Saudi National Bank, the largest commercial bank in the oil-rich kingdom, comes just months after the lender invested an additional 1.5 billion dollars (£1.22 billion) in Credit Suisse to take its holding in the Swiss bank to nearly 10% of its value.