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Saudi National Bank strategy unaffected by hit to Credit Suisse investment

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Saudi National Bank is now sitting on a loss of roughly $1.17 billion on its investment in Credit Suisse, Reuters calculations show.

The Saudi lender, the kingdom’s largest by assets, acquired almost 9.9% of Credit Suisse for 5.5 billion riyals last November, but is now sitting on a loss of roughly $1.17 billion on its investment, Reuters calculations showed.

The investment in Credit Suisse formed less than 0.5% of the Saudi lender’s total assets of more than 945 billion riyals as of last December, and there is no expected impact on profitability, the statement said.as part of a wider state-backed rescue plan.Hunt for deals In January, Qatar Investment Authority increased its stake in Credit Suisse to 6.8% and is its second biggest shareholder. Saudi National Bank is almost 40% owned by the Public Investment Fund, the kingdom’s sovereign wealth fund.

“2008 saw many losers among SWFs but also some winners – and in that vein, SNB’s and QIA’s losses will not prevent other Gulf investors from pursuing other opportunities,” he said.

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