April 1, 2023

Dubai Week

Complete Dubai News World

Due to regulatory implications, the investment in Credit Suisse cannot be increased

Your browser does not support HTML5 video

Saudi banks

Alkhudairi: We don’t think Credit Suisse needs more money

Published in:
Last Updated:

The chairman of the board of directors of the National Bank of Saudi Arabia, Ammar Al-Khutairy, said that the bank could not increase investment in “Credit Suisse” due to regulatory consequences.

In an interview with Al-Arabiya, Al-Qudayri said that my statements about Credit Suisse were misinterpreted.

Al-Qudhairi’s statements led to losses in Credit Suisse’s shares, which were down 25% in today’s session.

If the bank’s plan succeeds, Credit Suisse’s share price is now too cheap, Al-Qudairi pointed out.

Regarding the Silicon Valley banking crisis, Guthari explained, “There is no reason to fear SVB’s impact on the region.”

On the other hand, Al-Qudairi said that the Kingdom’s economic revival increases the demand for lending.

Al-Qudairi had said earlier that he did not think Credit Suisse needed more money.

He explained that the National Bank of Saudi Arabia will exit Credit Suisse when it reaches the required investment value.

Al-Qudayri said: “Credit Suisse cannot provide more liquidity because it cannot increase its ownership stake by more than 10% due to regulatory rules.”

The National Bank of Saudi Arabia has announced the completion of procedures related to the capital increase process with Credit Suisse Group.

And “Al-Ahli Saudi Arabia” said in an earlier statement that the bank has acquired 9.88% of the shares of Credit Suisse Group on Jumada Al-Awwal 15, 1444 AH, corresponding to December 09, 2022 AD.

See also  Oil rises 1% as stocks fall

The cost of his participation in the process of increasing the capital of Credit Suisse Group is 1.396 billion Swiss francs, which is approximately equal to 5.5 billion riyals.

Read more