Saudi National Bank Reveals Updates on Its Investments

The Saudi National Bank announced in a statement to the Saudi stock market today, Monday, that it will convert its approximately ten percent stake in Credit Suisse into a stake of about half a percent in UBS upon completion of the merger between the two Swiss banks. The Saudi National Bank, the largest shareholder in Credit Suisse, stated that the book value of its investments in the troubled Swiss bank was 1.3 billion riyals ($346.63 million) as of March 31, a decrease of approximately 70 percent during the first quarter. The largest bank in Saudi Arabia by assets had invested 5.5 billion riyals to acquire the stake in Credit Suisse last year. The stock market statement noted, "The bank's stake in Credit Suisse of 9.88 percent will be converted into a stake in UBS of approximately 0.5 percent upon completion of the merger." The statement also indicated that the fair value of the Saudi National Bank's investment in Credit Suisse had declined by about 20 percent as of December 31, 2022, and dropped again by nearly 70 percent in the first quarter of 2023.