The head of Credit Suisse Group's largest shareholder, Saudi National Bank (SNB) , said on Wednesday it would not buy more shares in the Swiss bank on regulatory grounds.
A logo is pictured on the Credit Suisse bank in Geneva, Switzerland, February 22, 2023. REUTERS/Denis Balibouse//File PhotoRIYADH, March 15 - The head of Credit Suisse Group's largest shareholder, Saudi National Bank "We cannot because we would go above 10%. It’s a regulatory issue," SNB chairman Ammar Al Khudairy said in an interview with Reuters. The Saudi bank holds a 9.88% stake in Credit Suisse, according to Refinitiv data.
Trading in the Swiss bank's shares was halted late morning as they fell by a fifth to fresh record lows, having been pummelled earlier in the week in market fallout from the collapse of Silicon Valley BankSwitzerland's second-biggest bank is seeking to recover from a string of scandals that have undermined the confidence of investors and clients. Customer outflows in the fourth quarter rose to more than 110 billion Swiss francs .
Al Khudairy said SNB was happy with Credit Suisse's turnaround plan and did not think it would need more money, but also described his bank's investment as an opportunistic one that was not time-dependent. The Saudi bank would exit when proper value to the shares had been acquired, he added.
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