[Financial Channel/Comprehensive Report] Before Credit Suisse’s thunderstorm, Ammar Al Khudairy, chairman of the largest shareholder of Credit Suisse, Saudi National Bank, refused to inject capital on the grounds of regulatory requirements, detonating a crisis of confidence, and Credit Suisse’s stock price plummeted. In the end, it was acquired by UBS, about 16 billion Swiss francs of additional tier one capital (AT1) bonds were reduced to wallpaper, and the National Bank of Saudi Arabia itself lost 1 billion US dollars. ) Please excuse me.

The National Bank of Saudi Arabia announced today that Chairman Ammar Al Khudairy resigned due to "personal reasons" and was replaced by CEO Saeed Mohammed Al Ghamdi.

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The outside world speculates that the reason for Al Khudairy’s sudden resignation is related to the Credit Suisse storm. He was interviewed by Bloomberg TV on March 15. When asked if he would be willing to inject capital if Credit Suisse asked for increased liquidity, he replied “absolutely not.” .

This statement triggered panic in the market, and Credit Suisse's stock price plummeted for days.

In the end, under the strong intervention of the Swiss government, UBS acquired Credit Suisse for 3 billion Swiss francs, and also zeroed out about 16 billion Swiss francs of Credit Suisse's additional tier 1 capital (AT1) bonds, building a foundation for this crisis of confidence in the global financial market. firewall.

This merger case seriously injured Credit Suisse’s major shareholder in the Middle East. The National Bank of Saudi Arabia holds about 9.9% of Credit Suisse’s shares. It is only because of the chairman Ammar Al Khudairy’s “sentence” that he lost about US$1 billion. Even if he steps down, it will be difficult to recover. .

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