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Saudi National Bank has been denied permission to take 40% Credit Suisse stake.
The Saudi National Bank wanted to increase its stake in Credit Suisse from 9.88% to nearly 40%, but was blocked from doing so by Swiss regulator FINMA. blick The newspaper reported this on Sunday.
With Switzerland’s second largest bank on the brink of collapse, UBS agreed to buy Credit Suisse at a knockdown price of three billion Swiss francs ($3.4 billion) on March 19 in a rescue organized by the Swiss authorities.
FINMA has to give its approval for a foreign investor to take more than 10% stake in a major Swiss bank.
It is unclear why FINMA opposed the move, which would have involved the Saudi National Bank, already the largest shareholder in Credit Suisse, which invested $5 billion in the bank, Swiss newspaper Blick said, citing its sources. Reported without identification.
Credit Suisse declined to comment. FINMA and the Saudi National Bank were not immediately available for comment.