Saudi National Bank loses over $1 billion on Credit Suisse investment
Signage for Credit Suisse Group AG outside a building, which houses the company’s branch, in Tokyo, Japan, on Monday, March 20, 2023. UBS Group AG agreed to buy Credit Suisse Group in a historic, government-brokered deal aimed at containing a crisis of confidence that had started to spread across global financial markets.
Kosuke Okahara | Bloomberg | Getty Images
Saudi National Bank is nursing major losses in the wake of Credit Suisse’s failure after a deal was reached for UBS to buy the embattled Swiss lender for $3.2 billion.
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 ($1.5 billion) in the Swiss lender in November of last year, at 3.82 Swiss francs per share.
Under the terms of the rescue deal, UBS is paying Credit Suisse shareholders 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.
College golfer withdraws from NCAA championships after tee goes through foot
Transfer news LIVE: Chelsea appoint Mauricio Pochettino, Guardiola ‘calls’ Neymar, Liverpool keen on Milinkovic-Savic
Bitcoin Price and Ethereum Prediction: BTC and ETH Poised for 50% Retracement; Brief Market Analysis
Inmates hope to befriend Theranos founder Elizabeth Holmes ahead of her arrival at Texas prison
Bay Ridge community salutes thousands who gave their lives at 156-year-old Memorial Day parade
Earth Will Receive an ‘Alien’ Transmission From Mars This Week
This Queer Running Society Wants to Make the Sport More Inclusive
American women’s secret war in Afghanistan
Maria Sharapova Shares the Workouts That Help Her Feel Energized as a New Mom
What’s Up With Mouth Taping as a Sleep Hack?
NH police pursuit of motorcyclist ends in serious crash with officer
Expert Says King Charles and Other Royals ‘Could Solve’ Prince Harry’s Security Issue but They Won’t: ‘Let’s Get Real’
U.S. Billionaire’s Golden Eagle Soars Nearly 34% In Hong Kong On Privatization Offer
The Strange Non-Musical Similarity Between Bob Dylan and John Lennon
Body Language Expert Says King Charles Makes an ‘Exception’ to the No-PDA Rule With 1 Royal Woman — And It’s Not Camilla
News21 hours ago
GOP Senate Candidates Who Want You to Forget About Their Past Trump Criticism
Lifestyle14 hours ago
Martin Scorsese Meets Pope Francis, Announces Film About Jesus – Report
News14 hours ago
How to Make Meetings Shorter (for Real)
Auto14 hours ago
2024 Kia Sorento Facelift Caught On Camera Hiding New Headlights
Travel13 hours ago
China’s Travel & Tourism sector forecast to see swift post-pandemic recovery
Tech14 hours ago
Gizmodo Monday Puzzle: Can You Outsmart a Mouse?
News13 hours ago
Requesting alternative holidays
Sport13 hours ago
Connections of leading ante-post Epsom Derby fancy set to fork out £85,000 to get their horse into the field