- Credit Suisse's largest shareholder, the Saudi National Bank, reportedly sought to raise its stake to 40% before the bank's collapse in March. The lender, with just under 10% of Credit Suisse shares, approached the Swiss government and regulators along with a group of investors to inject $5 billion into the troubled bank.
- Swiss regulator Finma rejected the investment offer, requiring major foreign shareholders to obtain approval for owning more than 10% of a Swiss bank. The Saudi National Bank and Finma did not respond to comment requests, while Credit Suisse declined to comment.
Why it matters
In a March emergency deal brokered by the Swiss government, Credit Suisse was acquired by UBS Group AG. As a result, the Saudi National Bank's Credit Suisse holdings were converted to a 0.5% stake in UBS. Shortly after triggering a decline in Credit Suisse's stock and bonds with his comments to Bloomberg TV, the former chairman of the Saudi bank, Ammar Al Khudairy, resigned.
