Credit Suisse’s Saudi Backer Says 9.9% Stake Enough for Now
- Saudi National Bank to be one of Swiss firm’s biggest holders
- Saudi lender is 37% owned by kingdom’s sovereign wealth fund
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Credit Suisse Group AG’s Saudi backer is bullish on its investment in the struggling Swiss lender, in part because it’s snapping up an almost 10% stake at a lower price than the shares have ever closed.
Saudi National Bank “likes” Credit Suisse’s new leadership and their resolve to execute on its turnaround plan, though any additional equity for the moment is “out of the question,” Chairman Ammar Al Khudairy said in an interview with Bloomberg TV.