The Saudi National Bank, which is the largest shareholder in troubled Credit Suisse Group AG, replaced a top-level executive in a shake-up announced on Monday.

Ammar Al Khudairy, the chairman of the board of directors resigned with effect from Sunday. 

He will be replaced by SNB's current CEO, Saeed Mohammed Al Ghamdi, according to a statement by the bank on the Saudi Stock Exchange (Tadawul). Talal Ahmed Al Khereiji has been named the acting CEO.

The statement said Al Khudairy resigned for personal reasons.

The banker was in the thick of the recent turmoil at Credit Suisse. In an interview with Bloomberg TV earlier this month, Al Khudairy rejected making any further investments in Credit Suisse in the event the Swiss bank required any liquidity support, causing its stock to plunge.    

SNB acquired a 9.9% stake in Credit Suisse last year after taking part in the Swiss lender's capital raising and committed to investing up to $1.63 billion. 

Following the more than 30% drop in Credit Suisse's stock price earlier this month, SNB said it would not increase its stake in CS to 10% or above, as it would be in breach of regulations.

(Reporting by Brinda Darasha; editing by Cleofe Maceda)