The person who sparked the Credit Suisse crisis resigns

The Chairman of the Board of Directors of the Saudi National Bank, Ammar Al Khudairy, whose statements caused the historic collapse in Credit Suisse shares, has resigned from his post. The leading figure in the crisis at Credit Suisse, the Chairman of the Saudi National Bank, Ammar Al Khudairy, has resigned from his post. In a statement he made on March 16, Khudairy stated that they would not provide any more support to Credit Suisse. The panic sales that started with this statement caused the risk perception in Europe to reach its peak. Speaking to CNBC, Khudairy said, "According to the statements of the Swiss National Bank, everything is fine. I do not think the bank will need any more capital." Following this statement from the top name of the Saudi National Bank, which has a 9.9 percent share in Credit Suisse, the crisis caused by Credit Suisse deepened. A historic merger after the crisis Due to the crisis experienced by the long-established Swiss bank Credit Suisse, the Swiss National Bank also stepped in and opened a $54 billion credit line to the bank. During the ongoing crisis, another long-standing bank, UBS, stepped in and agreed to take over Credit Suisse in a historic acquisition. It was stated that UBS would pay 3 billion Swiss francs ($3.3 billion) to acquire its rival. The Swiss National Bank agreed to provide a liquidity line of 100 billion francs to UBS as part of the agreement. The Swiss government also announced that UBS would be guaranteed 9 billion francs for potential losses from the acquisition. The Swiss banking authority Finma announced that 16 billion francs worth of risky Credit Suisse bonds would be worthless after the agreement.