Saudi National Bank strategy unaffected by hit to Credit Suisse investment

  • 📰 Reuters
  • ⏱ Reading Time:
  • 11 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 8%
  • Publisher: 97%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Saudi National Bank's growth strategy will be unaffected by the reduced valuation on its investment in Credit Suisse , it said on Monday after the Swiss bank's takeover deal with domestic rival UBS on Sunday.

The Saudi lender, the kingdom's largest by assets, acquired almost 9.9% of Credit Suisse for 5.5 billion riyals last November and is theSaudi National Bank bought 307.6 million Credit Suisse shares for 3.82 Swiss francs per share. The UBS offer of 3 billion Swiss francs values Credit Suisse shares at 0.76 francs each, more than 80% lower than the price paid by the Saudi bank.

"Changes in the valuation of SNB's investment in Credit Suisse have no impact on SNB's growth plans and forward-looking 2023 guidance," Saudi National Bank said in a bourse filing on Monday.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

CIBC Scotia bank has tons of us treasuries. if people run them. they are forced to sell at a massive loss.... combined with mortgage defaults and car loan/leasing. they sure can go under and fast. I got my money out

How much did Saudi National Bank pay for this headline?

That’s because they aren’t brainwashed into sinking their money in green energy that is a joke

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Saudi National Bank loses over $1 billion on Credit Suisse investmentCredit Suisse's largest shareholder confirmed to CNBC that it had suffered a loss of around 80% on its investment. LIV ramifications? They should have sold their 9.9% stake in Credit Suisse and bought bitcoin
Source: CNBC - 🏆 12. / 72 Read more »