The banking turmoil

Utlöste ras i Credit Suisse – nu tvingas han avgå

The banking turmoil  

Screenshot, CNBC Triggered race in Credit Suisse - now he is forced to resign  

Ammar Al Khudairy is stepping down as chairman of the Saudi National Bank after his fateful comment about Credit Suisse earlier this month, writes Bloomberg. 

In an interview on March 15, Al Khudairy was asked if the Saudi National Bank, as a major shareholder, could consider a new capital injection into Credit Suisse.  

When he answered "absolutely not", it triggered a crisis of confidence in which the Swiss stock collapsed. Four days later, rival UBS was forced to buy Credit Suisse in a bailout. The deal represented a $1.2 billion blow to the Saudi National Bank.  

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Done: First Citizens buys Silicon Valley Bank  

Bank owner First Citizens Bancshares has bought troubled Silicon Valley Bank (SVB). This is apparent from a press release from the US banking authority FDIC, which has controlled SVB since the crisis broke out.  

The deal means that First Citizens takes over SVB's deposits and loans. The transferred assets have a total value of 72 billion dollars, corresponding to roughly 750 billion kroner. First Citizens get a $16.5 billion rebate. 

- This has been a significant settlement in cooperation with the FDIC, which should instill new confidence in the banking system, says First Citizens CEO Frank Holding Jr.  

The FDIC holds $90 billion worth of securities and other assets.