Saudi National Bank, whose 37 per cent is owned by the kingdom’s sovereign wealth fund, became Credit Suisse’s biggest shareholder following an acquisition of 9.9 per cent last year.
Credit Suisse Group AG’s top shareholder has ruled out providing more financial assistance to the bank. It cited regulatory issues for its decision to step back.
When asked by Bloomberg TV if the Saudi National Bank was open to assist Credit Suisse with additional liquidity, Chairman Ammar Al Khudairy said ‘absolutely not’. “The answer is absolutely not, for many reasons outside the simplest reason which is regulatory and statutory,” said the Chairman, as mentioned in a report in Bloomberg.
Saudi National Bank, whose 37 per cent is owned by the kingdom’s sovereign wealth fund, became Credit Suisse’s biggest shareholder following an acquisition of 9.9 per cent last year.
The bank’s chairman Axel Lehmann said that the bank is looking to shore up confidence among clients amid a series of missteps.
