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Qatar backs Credit Suisse.

 The Qatar Invest­ment Author­ity has doubled its stake in the ail­ing Swiss bank, becom­ing its second­biggest 

Doha Qatar

share­holder after the Saudi National Bank.

The Qatar Invest­ment Author­ity has doubled its stake in Credit Suisse, becom­ing the second-biggest share­holder after the Saudi National Bank and under­lin­ing the grow­ing import­ance of Middle East­ern investors to the ail­ing Swiss bank.
Together with the SNB’s 10 per cent stake and 3 per cent held by the Olayan fam­ily of Saudi Ara­bia, the three Middle East­ern investors con­trol more than a fifth of Credit Suisse stock.
Buf­feted by a suc­ces­sion of crises, the Swiss bank launched a cap­ital raise in Octo­ber aimed at draw­ing in an addi­tional SFr4bn from new and exist­ing share­hold­ers to pay for a rad­ical restruc­tur­ing of the group.
The Credit Suisse lead­er­ship has been court­ing Middle East­ern investors and wealthy cli­ents in recent years, hav­ing iden­ti­fied the region for growth.
Chair Axel Lehmann was a guest of the Qatari gov­ern­ment dur­ing the foot­ball World Cup final in Decem­ber, which was held in Doha.
Har­ris Asso­ciates is not the only US investor to sell down its Credit Suisse stake.

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Comments

  1. Charles24 January 2023 at 09:52

    Not a fan of Qatar because of the many problems they have but this could be good for Credit Suisse. I only wish the Swiss government would have done more for them and not allow outside companies/banks to get such a big share.

    ReplyDelete
    Replies
    1. Jon24 January 2023 at 10:19

      I don't like the idea of shady people/companies owning a big share of such a big bank for Switzerland. It doesn't sit well with me.

      Delete
    2. Robert24 January 2023 at 10:35

      I don’t like it any more than you do but unfortunately they have the money to throw at these kinds of failing banks/companies.

      Delete

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