Ammar Al Khudary has resigned as chairman of Credit Suisse Group AG after speeches sent shares plunging.| Photo: Ennio Leanza/EFE

Saudi National Bank chairman Ammar Al Khudary has resigned as chairman of Credit Suisse Group AG after remarks sent the Swiss bank’s shares plummeting two weeks ago. According to information from Bloomberg, he left office for “personal reasons”.

Earlier this month, Al Khudary told the channel that he would no longer make financial contributions to Credit Suisse if there was a request for additional liquidity. The bank’s shares collapsed to the lowest level ever seen by the institution and provoked a serious crisis of distrust among investors in the European banking system.

The tycoon’s speech led the Swiss Central Bank to set up a task force to save Credit Suisse and avoid a bankruptcy that would drag other banks along, and culminated in an acquisition offer by competitor UBS for US$ 2 billion.