Credit Suisse shares rose on the prospect that Saudi Arabian Crown Prince Mohammed bin Salman will take a stake in the Swiss firm’s planned investment bank spin out.
Crown Prince Mohammed bin Salman is said to be eyeing a sizeable stake in Credit Suisse’s investment arm.The Saudi National Bank, 37 per cent owned by the nation’s sovereign wealth fund, is already an anchor investor in Credit Suisse’s $US4 billion ongoing capital raise. A further investment by the oil-rich nation would boost confidence in the lender’s restructuring efforts.
Declines of the past weeks had pushed the shares near the level that the Swiss lender is pitching to investors in the capital raise, damaging the offer’s attractiveness to investors.
Wouldn’t that promote a degree of sovereign risk given his people cut people up with bone saws in embassies?
Those damn Saudi crown princes, eh! Now they’re taking over Switzerland! But why do they insist on wearing tea-towels and quoits on their noggins?