Qatar sovereign wealth fund Qatar Investment Authority (QIA) has become the second-largest shareholder of Switzerland's flagship bank, Credit Suisse (CS). It is an analysis that Credit Suisse, which has been forced into a management crisis due to the failure of Green Seal Capital's investment, is receiving a large amount of capital from the Middle East.
According to documents filed with the U.S. Securities and Exchange Commission (SEC) on Jan. 23, Qatar Investment Authority doubled its stake in Credit Suisse late last year and is now the second-largest shareholder with a 7% stake.
Credit Suisse launched a capital increase in October last year, and in the process, the Saudi National Bank (SNB) acquired a 10 percent stake, making it the largest shareholder. Saudi private investment firm Olayan Group also holds a 3% stake in Credit Suisse.
U.S. investment firm Harris Associates, Credit Suisse's largest shareholder, reduced its stake in Credit Suisse to less than 5 percent. Since 2021, when the stock price has struggled due to the failure of the investment of Green Seal Capital and Akegos Capital, the company has started to withdraw its investment.
"Middle Eastern investors' position in Credit Suisse is strengthening," the Financial Times (FT) reported, "with the combined stakes of Saudi National Bank, Olayan Group and Qatar Investment Authority, Middle Eastern capital holding one-fifth of Credit Suisse shares." After the news broke, Credit Suisse shares closed trading at $3.54, up more than 2% on the New York Stock Exchange. [HangukKyungJae]