Ammar Al Khudairy, the chairman of Saudi National Bank SA:1180 , has reportedly resigned and will be replaced by the bank’s chief executive officer, Saeed Mohammed Al Ghamdi, Bloomberg reported on Monday. Comments from Al Khudairy sparked a selloff in Credit Suisse stock and wider stress across global financial markets a little over two weeks ago when he said his bank — the biggest shareholder in the Swiss lender — would not buy any more shares due to regulatory limitations. Days later, Credit Suisse CSCH:CSGN entered an agreement to be bought in a government brokered deal by arch-rival UBS UBSCH:UBSG for $3.25 billion. MarketWatch has reached out to the Saudi National Bank for comment.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.