Credit Suisse takes Saudi cash

Friday, 28 October 2022 06:30

Troubled Swiss bank Credit Suisse is turning to Saudi Arabia for a cash injection to allow it to undertake essential restructuring.

The Saudi National Bank is paying CHF 1.5bn for a 9.9% stake. The investment will make it one of the bank’s largest investors.

Another Saudi backed institution, the Olayan Group, is already a major backer – as is the Qatari sovereign wealth fund.

Credit Suisse says it wants to raise CHF 4bn in total. It also plans to offer existing shareholders a chance to buy newly issued shares.

The head of the bank, Axel Lehmann, says it’s essential to have a strong balance sheet so it has a buffer as it transforms.

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