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.
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استقالة رئيس البنك الأهلي السعودي بعد تصريحاته بخصوص كريدي سويس
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.
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The only alternative to the UN Palestinian agency’s work in Gaza is to allow Israel to run services there, Philippe Lazzarini, UNRWA Commissioner-General, told reporters in Geneva on Monday.
Study reveals food culture differences between Switzerland and neighbours
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Three-quarters of Swiss people consider eating to be a pleasurable, social activity, a new survey reveals. Healthy eating, however, plays a much less important role, it found.
Precious archaeological vases and coins returned to Italian museum
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The Italian authorities have recovered over 2,500 precious ancient coins, vases and small sculptures that had been illegally dug up and sold in Switzerland, Eurojust announced on Monday.
PrimeEnergy Cleantech declared bankrupt by Swiss authorities
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PrimeEnergy Cleantech has been officially declared bankrupt, the Swiss Official Gazette of Commerce (SOGC) reported on Monday.
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The consumption of antibiotics has risen in Switzerland since the Covid-19 pandemic. However, compared to other European countries the Alpine country has one of the lowest levels of antibiotic usage.
Swiss financial watchdog foresees greater uncertainty due to geopolitics
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The Swiss financial sector will face greater uncertainty due to the numerous geopolitical conflicts around the world, warns the Swiss Financial Market Supervisory Authority (FINMA).
Swiss museums to mark centenary of death of painter Félix Vallotton
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Swiss museums will celebrate the centenary of the death of the artist Félix Vallotton (1865-1925) next year. A major retrospective is planned in Lausanne, his birthplace, in autumn.
Russian mission installs more ‘spy’ antennas in Geneva, Swiss TV report claims
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Russian spies are strengthening their presence in Geneva, according to a report by Swiss public television, RTS. Russian officials have placed new satellite dishes on their diplomatic buildings without authorisation.
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Switzerland should join NATO, as in the future it cannot rely on its long-standing tradition of neutrality for its defence, John Bolton, Donald Trump's former national security adviser, declared in an interview on Sunday.
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A demonstration was held in Geneva on Sunday calling for an immediate end to the war in Ukraine. Around 50 Russians took part in the gathering outside the UN building.
How the Swiss ‘trinity’ forced UBS to save Credit Suisse
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The takeover of its local rival could end up being a generational boon for UBS. But the government-orchestrated deal has angered many investors.
Credit Suisse agrees to CHF3bn takeover by rival Swiss bank UBS
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Ailing Swiss bank Credit Suisse will be taken over by its rival UBS after a frantic last-ditch deal to prevent a catastrophic banking collapse.
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