Heads are rolling at Saudi National Bank after what will likely go down as one of the dumbest investments in the monarchy’s history.
When long-term Credit Suisse investor Harris Associates shrewdly began in October to dump the entirety of its near 10% stake in the bank overboard amid jitters in its stock price, the state-controlled Saudi lender poured fresh money into CS as part of a 4-billion-franc capital hike orchestrated by new CEO Ulrich Körner later that month.
