The National Bank of Saudi Arabia, the main shareholder in the “Credit Suisse” bank, announced on Monday that the change in the value of its investment “will not affect” its profits and financial plans for the year 2023, following the “UBS” bank acquired its Swiss competitor, which is facing a crisis.
On Sunday evening, UBS acquired its competitor, Credit Suisse, in a deal worth three billion Swiss francs (3.24 billion dollars) payable in the form of shares, or 0.76 francs per share following the value of the Credit Suisse share. Friday 1,86 Swiss francs.
And the Saudi Bank stated, on Monday, in a statement published on the Saudi Stock Exchange (Tadawul) website, that “any change in the fair value of investment in the Credit Suisse Group will not affect the bank’s financial expectations and plans for the year 2023,” stressing that “there is no impact on the bank’s profits.”
On Wednesday, the second largest bank in Switzerland witnessed a decline in its share price by 30.13 percent to only 1.55 Swiss francs per share, reaching a new historical low.
