Qatar increases its stake in Credit Suisse

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Doha – Mubasher: The Qatari sovereign wealth fund raised its stake in Credit Suisse to just under 7%, becoming the second largest shareholder in the Swiss bank after the National Bank of Saudi Arabia, which indicates the growing importance of the Gulf investor base..

The Qatar Investment Authority bought 139.03 million shares in the Swiss bank, according to data from Refinitiv based on a disclosure on Friday with the US Securities and Exchange Commission, which covered its most recent holdings through December 31, 2022, according to Reuters.

The new shares raise the ownership of the Qatar Investment Authority in Credit Suisse to 6.87%, equivalent to 272.25 million shares, compared to 5.57% as stated in its last disclosure to the authority in November.

Last November, reports showed that the Qatar Investment Authority plans to increase its stake in the Credit Suisse Group by purchasing shares alongside the National Bank of Saudi Arabia, to become a quarter of the Swiss bank’s shares owned by investors from the Middle East, according to the deal..

According to a regulatory disclosure on January 11, the American investment company Harris Associates, one of the largest shareholders in Credit Suisse, reduced its holdings to 5%, from 10% last August..

It is noteworthy that “Al-Ahly Saudi Arabia” owns 10% in the Swiss bank, after it became a major investor in the “Credit Suisse” capital increase of $ 4.3 billion, which began in October; To finance the reorganization and restructuring of the Bank.

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The data shows that the Saudi Olayan Group owns about 3% of the Swiss bank, so the National Bank of Saudi Arabia, the Qatar Investment Authority and the Olayan Group own about 20% of the shares of “Credit Suisse”.

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Credit Suisse unveiled plans in October to raise 4 billion Swiss francs from investors, cut thousands of jobs and shift its focus from investment banking to its wealthy clients.

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