Saudi National Bank — Credit Suisse's largest shareholder — confirmed to CNBC Monday that it had suffered a loss of around 80% on its investment.
The Riyadh-based bank holds a roughly 10% stake in Credit Suisse, having invested 1.4 billion Swiss francs in the Swiss lender in November of last year, at 3.82 Swiss francs per share.0.76 Swiss francs per share The significant discount comes as regulators try to shore up the global banking system. The scramble for a rescue follows a tumultuous few weeks which saw the collapses of U.S.-based Silicon Valley Bank and First Republic bank as well as major stock price downturns across the banking sector internationally.
Shares of UBS, Switzerland's largest bank, traded down 11% at 8:55 a.m., while Europe's banking sector was around 2.8% lower.
It's peanuts for the Saudi bank.
I told you so
That’s cheap if they’ve managed to gain some goodwill or favors from the Swiss in exchange for not opposing the deal
Davidlaz Loose change for some of the Saudi princes
DGAF
the central banks have printed so much money....the American and European economy will no longer be able to save the banks in the world with the money printed...all the banks are going bankrupt..the economy is going into hyperinflation..people don't trust banks anymore
They should have stacked Bitcoin instead.
They will just raise oil prices to recoup their losses
A few barrels of oil, what do you want it to be for them....
That's peanuts for them.
Beyler teşekkür ederim ülkenizde bana çok iyi bir meslek vermektesiniz bu bile sıradan bir insan için çok büyük hediyedir.Ama ben maalesef uzak yolculuk zaafı olan bir insanım Beni hoşgörün lütfen İngiltere ye gideceğim
cry me a river. How much money did they make on russia’s slaughter of Ukrainian people?
it's cool, they don't need dollars anymore
They should have sold their 9.9% stake in Credit Suisse and bought bitcoin
LIV ramifications?