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.

More from Bitesize News

Grants offered to persuade more to train to be a nurse

Geneva is desperately short of nurses and the canton is willing to throw money at the problem.
Section of A1 closed after woman climbs bridge barriers

A section of the A1 autoroute was closed for hours yesterday after a woman climbed the barriers of a bridge over the main road near Winterthur.
Environmental campaigners protest outside Cargill HQ

A group of campaigners gathered outside the HQ of the commodities trading company Cargill in Geneva yesterday.
Zoo animals should be culled, say researchers

Researchers at the University of Zurich say zoos should start to cull their animals to control populations and improve animal welfare.
Man fined for filming himself with sex worker

A man has been fined by a Geneva court for filming himself with a sex worker – without her consent.
Red pandas excape from zoo

Two red pandas managed to escape their enclosure at a zoo in Gossau in Sankt Gallen.