The growth strategy of Saudi National Bank will not be impacted by the decline in the value of its investments in the Swiss bank Credit Suisse, which was acquired by its local competitor UBS this past Sunday.
The Saudi bank revealed in a statement on the stock exchange today, Monday, that any change in the fair value of the investment in the Credit Suisse Group will not affect its financial forecasts and plans for 2023.
The Saudi National Bank indicated that the potential impact on its capital adequacy ratio would be around 35 basis points and that there would be no impact on profits.
In November, the Saudi National Bank, the largest bank in the kingdom by assets, acquired nearly ten percent of Credit Suisse for 5.5 billion riyals (1.46 billion dollars) and is among the largest shareholders in the troubled Swiss bank. This investment in Credit Suisse accounts for less than 0.5 percent of the Saudi bank's total assets, which exceeded 945 billion riyals as of December.
Last week, the Chairman of the Saudi National Bank stated that the bank is not seeking any international acquisitions and instead focuses on growth in the Saudi market.
