Qatar’s sovereign wealth fund plans to spice up Credit score Suisse stake in share sale – report

The Qatar Funding Authority, Qatar’s sovereign wealth fund, is planning to lift its 5% stake in Swiss lender Credit score Suisse (NYSE:CS) by taking part in a inventory providing, the Monetary Instances reported Wednesday, citing folks conversant in the state of affairs.

Recall earlier this week when Credit score Suisse (CS), in an effort to assist fund its lately introduced restructuring, stated it anticipated to lift ~CHF 4.0B (US$4.0B) by promoting 1.35B new shares by means of a rights providing and personal placement.

As well as, Saudi Nationwide Financial institution, the most important industrial financial institution in Saudi Arabia, has agreed to take a stake of 9.9% in Credit score Suisse (CS), equating to CHF 1.5B, largely by means of the latter’s CHF 1.76B preliminary share placement, the folks advised the FT. SNB was stated to additionally take part in a CHF 2.24B rights situation later in 2022.

Olayan Group, an funding agency owned by a rich household in Saudi Arabia, is predicted to maintain its 5% stake within the Swiss financial institution by investing within the rights situation, however not the share placement, the folks added.

In flip, as much as 25% of Credit score Suisse (CS) inventory is about to be owned by buyers within the Center East on account of the offers, the FT famous.

Credit score Suisse didn’t instantly reply to Looking for Alpha’s request for remark.

Final week, (Oct. 27) Credit score Suisse to situation $4B of recent shares, reduce prices by 15% in big restructuring plan.