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Saudi National Bank strategy unaffected by hit to Credit Suisse investment

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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.

 

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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

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