Qatar Investment Authority Reduces Stake in Credit Suisse

The Qatar Investment Authority has reduced its stake in Credit Suisse Group AG to less than 5%, following one of the most turbulent years for the Swiss bank since the global financial crisis. The sovereign wealth fund of the Gulf state now owns 4.8% of Credit Suisse shares, or approximately 128 million shares, according to a filing with the Securities and Exchange Commission. Previously, the Qatar Investment Authority owned around 133 million shares, according to Bloomberg data. Credit Suisse has been impacted by the dual scandals of "Archegos" and "Greensill" this year, resulting in billions of dollars in losses and damaging its reputation. Chairman António Horta-Osório has pledged to conduct a comprehensive review, stating that the two crises surpass any that he has experienced in over three decades in the industry. The reduction in stake indicates that the Qatar Investment Authority may no longer be the largest shareholder in the bank, as Harris Associates owns approximately 133 million shares.