Qatar doubles Credit Suisse stake as embattled lender forges ahead with strategic overhaul
- The QIA now owns 6.8% of Credit Suisse's shares, second only to the 9.9% stake purchased by the Saudi National Bank last year as part of a $4.2 billion capital raise.
- Combined with the 3.15% owned by Saudi-based family firm Olayan Financing Company, more than a fifth of the company's stock is now owned by Middle Eastern investors.
- Credit Suisse will report its fourth-quarter and full-year earnings on Feb. 9, and has already projected a 1.5 billion Swiss franc ($1.6 billion) loss for the fourth quarter.
The logo of Credit Suisse Group in Davos, Switzerland, on Monday, Jan. 16, 2023.
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The Qatar Investment Authority is the second-largest shareholder in Credit Suisse after doubling its stake in the embattled Swiss lender late last year, according to a filing with the U.S. Securities and Exchange Commission.
The QIA Qatar's sovereign wealth fund initially began investing in Credit Suisse around the time of the financial crisis. Now, it owns 6.8% of the bank's shares, according to the filing Friday, second only to the 9.9% stake purchased by the Saudi National Bank last year as part of a $4.2 billion capital raise to fund a massive strategic overhaul.
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