1121 GMT - The unexpected reshuffle of Saudi National Bank's board of directors, including the resignation of its chairman--attributed to personal reasons--could prompt investors to wonder if there is a link with the bank's recent comments about Credit Suisse, Citi says in a research note. The Saudi National Bank is Credit Suisse's largest shareholder and earlier this month then chairman Al Khudairy ruled out additional investment in the troubled Swiss bank amid the fallout from the U.S. collapse of Silicon Valley Bank. Citi calculates that SNB has lost more than 80% on its initial Credit Suisse investment, adding it anticipates the bank will stay focused on organic growth within Saudi Arabia. (pierre.bertrand@wsj.com)
(END) Dow Jones Newswires
March 27, 2023 07:21 ET (11:21 GMT)
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