According to the words of its supervisory board chairman, the Saudi National Bank does not want to increase its stake in Credit Suisse beyond the planned 9.9 percent and is not aiming for a seat on the board of directors of the major Swiss bank. “It is more of a tactical investment than a strategic one,” Ammar al Khudairy told Al-Arabiya TV station on Wednesday. The Credit Suisse package will account for about 2 percent of the Saudi National Bank’s assets, al Khudairy said. The crisis-plagued Credit Suisse announced a far-reaching reorganization last week, which, among other things, envisages severe cuts at the investment bank. The Saudi National Bank has agreed to participate in the necessary capital raising. The bank, which is majority-owned by the Saudi government, plans to inject $1.5 billion. Overall, Credit Suisse wants to raise four billion francs from existing shareholders and institutional investors with a capital increase. The plan is to keep the stake package for two years or more, al Khudairy said. “We could consider an exit in 2024 or 2025. The investment is planned for no less than two years and could take longer.” According to a report by the Financial Times, Qatar’s sovereign wealth fund, the Qatar Investment Authority (QIA), and two other investors are planning to increase their stake in Credit Suisse.
Report – Qatar to top up Credit Suisse – Economy
