Refusal of Saudi National Bank's Request to Increase Stake in Credit Suisse

The Swiss newspaper "Blick" reported that the "Saudi National Bank" sought to raise its stake in Credit Suisse from 9.88 percent to approximately 40 percent, but the Swiss Financial Market Supervisory Authority (Finma) rejected this. The newspaper noted, without specifying sources, that "the reason for Finma's opposition to this move remains unclear." This would have involved the Saudi National Bank, which was the largest shareholder in Credit Suisse, injecting five billion dollars into the bank. UBS agreed on March 19 to acquire Credit Suisse for three billion Swiss francs (3.4 billion dollars) in a rescue operation involving Swiss authorities for the second-largest bank in Switzerland, which was on the brink of collapse. Approval from Finma is required before any foreign investor in Switzerland can acquire a stake exceeding 10 percent in any of the major banks. Credit Suisse declined to comment, and no comment has yet been obtained from either Finma or the Saudi National Bank.