2023-07-09 13:19:39
The Swiss newspaper Blick reported that the National Bank of Saudi Arabia sought to increase its stake in Credit Suisse Bank from 9.88 percent to about 40 percent, but the Swiss Financial Market Supervisory Authority (FINMA) refused to do so.
UBS agreed on March 19 to buy Credit Suisse for 3 billion Swiss francs ($3.4 billion) in a Swiss bailout of Switzerland’s second largest bank, which was on the brink of collapse.
Approval is required before any foreign investor in Switzerland can acquire a stake of more than 10 percent in any of the major banks.
On Sunday, Archyde.com quoted the Swiss newspaper, which did not disclose its sources, as saying that it was not clear why the authority opposed this step, which would have included the injection of five billion dollars into the bank by the National Bank of Saudi Arabia, which was the largest shareholder in Credit Suisse.
Credit Suisse declined to comment, while it was not possible to obtain comment from either Finamah or the National Bank of Saudi Arabia.
UBS completed the emergency acquisition last month to become one of the giants of the banking sector and wealth management in Switzerland with a budget of $ 1.6 trillion, and now manages assets worth more than $ 5 trillion.
With this, the share of the National Bank of Saudi Arabia in Credit Suisse has become only 0.5 percent of UBS.
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