The Qatar Investment Authority (QIA) now owns 6.8% of Credit Suisse’s shares, second only to the 9.9% stake purchased by the Saudi National Bank last year as part of a $4.2 billion capital raise.
Combined with the 3.15% owned by Saudi-based family firm Olayan Financing Company, more than a fifth of the company’s stock is now owned by Middle Eastern investors.
Credit Suisse will report its fourth-quarter and full-year earnings on Feb. 9, and has already projected a 1.5 billion Swiss franc ($1.6 billion) loss for the fourth quarter.
The QIA – Qatar’s sovereign wealth fund – initially began investing in Credit Suisse around the time of the financial crisis. Now, it owns 6.8% of the bank’s shares, according to the filing Friday, second only to the 9.9% stake purchased by the Saudi National Bank last year as part of a $4.2 billion capital raise to fund a massive strategic overhaul.
Combined with the 3.15% owned by Saudi-based family firm Olayan Financing Company, around a fifth of the company’s stock is now owned by Middle Eastern investors, Eikon data indicates.
Credit Suisse will report its fourth-quarter and full-year earnings on Feb. 9, and has already projected a 1.5 billion Swiss franc ($1.6 billion) loss for the fourth quarter as a result of the ongoing restructuring. The shake-up is designed to address persistent underperformance in the investment bank and a series of risk and compliance failures.
