www.cnbc.com/2023/03/20/saudi-national-bank-loses-over-1-billion-on-credit-suisse-investment.html
The Saudi National Bank confirmed to CNBC on Monday that it had been hit with a loss of around 80% on its investment in Credit Suisse.
” Saudi National Bank Chairman Ammar Al Khudairy on Wednesday was asked by Bloomberg if it would increase its stake in the troubled Swiss lender. His reply was “absolutely not, for many reasons outside the simplest reason, which is regulatory and statutory.”
The comment triggered investor panic and sent Credit Suisse shares down 24% during that session, although the statement wasn’t in fact new; the Saudi bank said in October that it had no plans to expand its holdings beyond the current 9.9%.
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