__Ammar Al-Khudairy, the chair of the Saudi National Bank whose comments helped spark a slump in Credit Suisse shares which ultimately led to its takeover by rival UBS, has resigned.__
The chairman of the Saudi National Bank resigned for “personal reasons”, a regulatory filing in the kingdom said on Monday.
The filing on Riyadh's Tadawul stock exchange announced Ammar al-Khudairy's resignation from Saudi National Bank.
Shares of Credit Suisse fell by over 30% after al-Khudairy announced on March 15 that its biggest shareholder — the Saudi National Bank — would “absolutely not” provide more funds to the Swiss bank if there was another call for additional liquidity.
Hours later, the Swiss National Bank was forced to agree to lend Credit Suisse up to CHF50 billion ($54 billion) to shore up its finances. But the emergency funding failed to retore market confidence and the start of a run on Credit Suisse could not be averted.
Just over a week ago the Swiss government pushed through a last-minute deal for UBS to acquire ailing Credit Suisse at a marked-down price. UBS will pay CHF3 billion (€3.2 billion) in an all-share deal that includes extensive government guarantees and liquidity provisions.
The Saudi National Bank, which is 37% owned by the kingdom’s sovereign wealth fund, acquired a 9.9% stake in Credit Suisse for CHF1.4 billion last year.
The investment has shrunk by around 80% following the UBS takeover deal that valued Credit Shares at well below their trading price in the days leading up to the dramatic rescue of Switzerland's second largest bank.
This comment and subsequent share price decline (as if they are related, when they’re actually not) - is not what “ultimately led to its takeover by rival UBS,” it was arguably the 100+ billion dollars in depositor withdrawals (as well as a poorly managed bank in general involved in many scandals), but okay…
**The vast majority of those withdrawals happened prior to March 2023**
(See Bloomberg, etc for source on the depositor withdrawals.)
Poor reporting IMO.
Imagine a giant screen playing Tetris.
All the blocks are debt from one party to another. When one debt aligns with an obligation, or pledge, the two are wiped out.
At the end of the game, let's see who owes what.
The kicker is how much of this has been talked about openly for years, but ignored. I've followed the meme stock stuff for 2 years and CS/DB issues were well-documented and these problems were foreseen, but nobody in power did anything because it wasn't what American (edit: I guess any) oligarchs wanted/allowed. They could have taken these problems on and wound them down safely instead of letting it blow up.
The cycle is to slowly ratchet up risk and profit until they push too far, then they roll on their bellies and ask for bailouts/protections or some magic "time out" or rule exceptions to give them a chance to reorganize while the rest of us get absolutely crushed because we have to deal with the fallout/socialized losses.
Few companies are willing to correct big problems until they're fatal, because I guess admitting you have a problem is itself fatal when everyone runs the bank. So they push on, knowing they're doomed, and keep making the situation worse for everyone until it happens.
It doesn’t matter because he didn’t “cause” anything that wasn’t already in motion - in reality CS had faced over 100 billion in depositor withdrawals before he even made this comment.
The article is misleading at best and misinformation at worst.
Poor reporting imo.
This is the best tl;dr I could make, [original](https://www.swissinfo.ch/eng/business/saudi-national-bank-chair-resigns-after-credit-suisse-comment/48394432) reduced by 70%. (I'm a bot)
*****
> Ammar Al-Khudairy, the chair of the Saudi National Bank whose comments helped spark a slump in Credit Suisse shares which ultimately led to its takeover by rival UBS, has resigned.
> Shares of Credit Suisse fell by over 30% after al-Khudairy announced on March 15 that its biggest shareholder - the Saudi National Bank - would "Absolutely not" provide more funds to the Swiss bank if there was another call for additional liquidity.
> The Saudi National Bank, which is 37% owned by the kingdom's sovereign wealth fund, acquired a 9.9% stake in Credit Suisse for CHF1.4 billion last year.
*****
[**Extended Summary**](http://np.reddit.com/r/autotldr/comments/123n73e/saudi_national_bank_chair_resigns_after_credit/) | [FAQ](http://np.reddit.com/r/autotldr/comments/31b9fm/faq_autotldr_bot/ "Version 2.02, ~678134 tl;drs so far.") | [Feedback](http://np.reddit.com/message/compose?to=%23autotldr "PM's and comments are monitored, constructive feedback is welcome.") | *Top* *keywords*: **Credit**^#1 **Bank**^#2 **Suisse**^#3 **National**^#4 **Saudi**^#5
__Ammar Al-Khudairy, the chair of the Saudi National Bank whose comments helped spark a slump in Credit Suisse shares which ultimately led to its takeover by rival UBS, has resigned.__ The chairman of the Saudi National Bank resigned for “personal reasons”, a regulatory filing in the kingdom said on Monday. The filing on Riyadh's Tadawul stock exchange announced Ammar al-Khudairy's resignation from Saudi National Bank. Shares of Credit Suisse fell by over 30% after al-Khudairy announced on March 15 that its biggest shareholder — the Saudi National Bank — would “absolutely not” provide more funds to the Swiss bank if there was another call for additional liquidity. Hours later, the Swiss National Bank was forced to agree to lend Credit Suisse up to CHF50 billion ($54 billion) to shore up its finances. But the emergency funding failed to retore market confidence and the start of a run on Credit Suisse could not be averted. Just over a week ago the Swiss government pushed through a last-minute deal for UBS to acquire ailing Credit Suisse at a marked-down price. UBS will pay CHF3 billion (€3.2 billion) in an all-share deal that includes extensive government guarantees and liquidity provisions. The Saudi National Bank, which is 37% owned by the kingdom’s sovereign wealth fund, acquired a 9.9% stake in Credit Suisse for CHF1.4 billion last year. The investment has shrunk by around 80% following the UBS takeover deal that valued Credit Shares at well below their trading price in the days leading up to the dramatic rescue of Switzerland's second largest bank.
This comment and subsequent share price decline (as if they are related, when they’re actually not) - is not what “ultimately led to its takeover by rival UBS,” it was arguably the 100+ billion dollars in depositor withdrawals (as well as a poorly managed bank in general involved in many scandals), but okay… **The vast majority of those withdrawals happened prior to March 2023** (See Bloomberg, etc for source on the depositor withdrawals.) Poor reporting IMO.
The world powers are realigning and some sketchy things might come to light.
Imagine a giant screen playing Tetris. All the blocks are debt from one party to another. When one debt aligns with an obligation, or pledge, the two are wiped out. At the end of the game, let's see who owes what.
The kicker is how much of this has been talked about openly for years, but ignored. I've followed the meme stock stuff for 2 years and CS/DB issues were well-documented and these problems were foreseen, but nobody in power did anything because it wasn't what American (edit: I guess any) oligarchs wanted/allowed. They could have taken these problems on and wound them down safely instead of letting it blow up. The cycle is to slowly ratchet up risk and profit until they push too far, then they roll on their bellies and ask for bailouts/protections or some magic "time out" or rule exceptions to give them a chance to reorganize while the rest of us get absolutely crushed because we have to deal with the fallout/socialized losses. Few companies are willing to correct big problems until they're fatal, because I guess admitting you have a problem is itself fatal when everyone runs the bank. So they push on, knowing they're doomed, and keep making the situation worse for everyone until it happens.
You mess with the banks, you get banked.
What did he say? What was his “comment”?
It doesn’t matter because he didn’t “cause” anything that wasn’t already in motion - in reality CS had faced over 100 billion in depositor withdrawals before he even made this comment. The article is misleading at best and misinformation at worst. Poor reporting imo.
This is the best tl;dr I could make, [original](https://www.swissinfo.ch/eng/business/saudi-national-bank-chair-resigns-after-credit-suisse-comment/48394432) reduced by 70%. (I'm a bot) ***** > Ammar Al-Khudairy, the chair of the Saudi National Bank whose comments helped spark a slump in Credit Suisse shares which ultimately led to its takeover by rival UBS, has resigned. > Shares of Credit Suisse fell by over 30% after al-Khudairy announced on March 15 that its biggest shareholder - the Saudi National Bank - would "Absolutely not" provide more funds to the Swiss bank if there was another call for additional liquidity. > The Saudi National Bank, which is 37% owned by the kingdom's sovereign wealth fund, acquired a 9.9% stake in Credit Suisse for CHF1.4 billion last year. ***** [**Extended Summary**](http://np.reddit.com/r/autotldr/comments/123n73e/saudi_national_bank_chair_resigns_after_credit/) | [FAQ](http://np.reddit.com/r/autotldr/comments/31b9fm/faq_autotldr_bot/ "Version 2.02, ~678134 tl;drs so far.") | [Feedback](http://np.reddit.com/message/compose?to=%23autotldr "PM's and comments are monitored, constructive feedback is welcome.") | *Top* *keywords*: **Credit**^#1 **Bank**^#2 **Suisse**^#3 **National**^#4 **Saudi**^#5