The Saudi bank’s board of directors “accepted the resignation” of Ammar AlKhudairy “due to personal reasons”, said the statement published on the Saudi stock exchange.

Credit Suisse’s shares plummeted on March 15 after AlKhudairy said the Saudi bank would not raise its stake from 9.8% due to regulatory constraints.

The following day, Credit Suisse rallied on the stock market after grabbing a US$54 billion central bank lifeline in a bid to restore investor confidence.

But fears about the health of the broader financial sector led to its takeover by domestic rival UBS on March 19.

In the immediate aftermath of his comments, AlKhudairy tried to minimise what he described as a “panic”.

“If you look at how the entire banking sector has dropped, unfortunately, a lot of people were just looking for excuses,” he told CNBC television.

“It’s panic, a little bit of panic. I believe completely unwarranted, whether it be for Credit Suisse or for the entire market.”

Saeed Mohammed Al Ghamdi, who had been serving as CEO, will replace AlKhudairy as chair, Monday’s statement said.

Talal Ahmed Al Khereiji has been appointed acting CEO, it said.