The Saudi National Bank – SNB, the largest shareholder of Credit Suisse, has lost around 80 percent of its investment. Credit Suisse, which failed over the weekend, got acquired by its rival UBS Group AG, Switzerland’s largest banking group for shade above $3.25 billion, or a 60 percent discount to its share price
The Riyadh-based bank holds a 9.9% stake in Credit Suisse, having invested 1.4 billion Swiss francs ($1.5 billion) in the 167-year-old Swiss lender in November of last year, at 3.82 francs per share. Under the terms of the rescue deal, UBS is paying Credit Suisse shareholders 0.76 francs per share.
However, in an official statement, Saudi National Bank said that there was a “nil impact on profitability” from a “regulatory capital perspective”, a CNBC report said. Credit Suisse was valued at $8.7 billion at a closing price of 1.86 Swiss francs on Friday.
