Former Goldman Sachs & Morgan Stanley Chairman Ammar Al Khudairy Resigns as Chairman of Saudi National Bank, Comment on Not Investing Further into Credit Suisse May Have Triggered Investor Panic & an Emergency Takeover by UBS
28th March 2023 | Hong Kong
Former Goldman Sachs & Morgan Stanley Saudi Arabia Chairman Ammar Al Khudairy has resigned (27/3/23, Monday) as Chairman of Saudi National Bank (SNB, $54 billion market capitalization), after commenting on not investing further into Credit Suisse which may had triggered investor panic leading to a sell-off & funds outflow in Credit Suisse, and an emergency takeover by UBS. Saudi Arabia Chairman Ammar Al Khudairy on possibly investing further in Credit Suisse (On Bloomberg): “The answer is absolutely not”. In 2022 October, Saudi National Bank had acquired 9.9% shareholding of Credit Suisse. Saudi National Bank is 37% owned by Saudi Arabia sovereign wealth fund – Public Investment Fund (PIF), which is one of the largest sovereign wealth fund in the world with $607 billion AUM (Assets under Management). Saudi Exchange: “The Saudi National Bank announces the Board of Directors’ resolution pursuant to its meeting convened on 4/9/1444H corresponding to 26/3/2023G, concerning changes at the level of the Board of Directors, and the Managing Director & Chief Executive Officer, after obtaining the Saudi Central Bank’s Non-Objection, wherein the Board resolved the following: 1) Accepted the resignation of Mr. Ammar Abdul Wahed Al Khudairy from the Board of Directors of the Saudi National Bank, effective as of 4/9/1444H corresponding to 26/3/2023G, due to personal reasons. 2) Accepted the resignation of Mr. Saeed Mohammed Al Ghamdi from his position as Managing Director & Group Chief Executive Officer of the Saudi National Bank effective as of 4/9/1444H corresponding to 26/3/2023G, while continuing as a Board Member. 4) Appointed Mr. Saeed Mohammed Al Ghamdi as Chairman of the Board of the Saudi National Bank, effective as of 5/9/1444H corresponding to 27/3/2023G, until the end of the current Board Cycle. 5) Appointed Mr. Talal Ahmed Al Khereiji as Acting Chief Executive Officer of the Saudi National Bank, effective as of 5/9/1444H corresponding to 27/3/2023G.”
“ Former Goldman Sachs & Morgan Stanley Chairman Ammar Al Khudairy Resigns as Chairman of Saudi National Bank, Comment on Not Investing Further into Credit Suisse May Have Triggered Investor Panic & an Emergency Takeover by UBS “
Former Goldman Sachs & Morgan Stanley Chairman Ammar Al Khudairy Resigns as Chairman of Saudi National Bank
Mr. Ammar A. AlKhudairy Chairman, The Saudi National Bank
Mr. Alkhudairy Hold the position of Chairman of the Saudi National Bank since April 2021, after the merger. While assumed the position of Chairman of Samba Financial Group in January 2019.
Mr. Alkhudairy played key leadership roles in various Saudi financial institutions, including Riyad Bank, United Saudi Bank, and Banque Saudi Fransi. Mr. Alkhudairy was also a board member from 2015 to 2018, chairman of the Audit Committee from 2015 to 2018, and served as the interim managing director/CEO at Banque Saudi Fransi from October 2017 to March 2018. Mr. Alkhudairy has over 30 years’ experience in the financial sector, with a special focus on the areas of corporate banking, project finance, corporate finance, M&A, and asset management. He currently serves as deputy chairman of SPIMACO, and a board member of Almarai, He has also served as a member on various public and private boards, including chairman of Goldman Sachs Saudi Arabia, chairman of Morgan Stanley Saudi Arabia, chairman of Allianz Saudi Arabia, chairman of Herfy Company, SAVOLA, Kingdom Holdings, Seera Holding Group (previously Al Tayyar Group) Zain KSA, Arabian Shield Insurance Company and Fawaz Alhokair Company. He founded and chairs Amwal AlKhaleej based in Riyadh and Amwal Capital Partners based in United Arab Emirates, an asset management business based in Dubai International Financial Center. He also serves as a board member with government-related entities, such as the Real Estate Development Fund. He also served as board member at the Economic Cities Authority.
Alkhudairy holds a M.Sc. in Engineering Administration and B.Sc. in Civil Engineering from George Washington University.
Internal Committees memberships: Chairman of Executive Committee
Other Current external positions and memberships:
- Board Member, Real Estate Development Fund
- Deputy Chairman of SPIMACO
- Board Member, Almarai
- Managing Director, Amwal AlKhaleej
- Chairman, Amwal Capital Partners
Past positions and memberships:
- Chairman, Goldman Sachs Saudi Arabia
- Chairman, Morgan Stanley Saudi Arabia
- Chairman, Herfy
- Chairman, Allianz Saudi Arabia
- Vice Chairman, Fawaz Abdulaziz Alhokair Co
- Board Member, Banque Saudi Fransi
- Board Member, SAVOLA
- Board Member, Kingdom Holdings
- Board Member, Al Tayyar
- Board Member, Zain KSA
- Board Member, Arabian Shield Cooperative Insurance Co.
- Board Member, Economic Cities Authority
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