https://sputnikglobe.com/20230320/saudi-national-bank-says-collapse-of-credit-suisse-shares-to-have-no-impact-on-its-growth-1108615416.html
Saudi National Bank Says Collapse of Credit Suisse Shares to Have No Impact on Its Growth
Saudi National Bank Says Collapse of Credit Suisse Shares to Have No Impact on Its Growth
Sputnik International
The Saudi National Bank (SNB) said Monday that the changes in investment valuation in Switzerland's Credit Suisse bank will not affect its 2023 growth plans and forecasts.
2023-03-20T18:14+0000
2023-03-20T18:14+0000
2023-03-20T18:14+0000
economy
saudi arabia
banking
investments
silicon valley bank collapse
credit suisse group ag
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SNB, which is one of the main stakeholders of Credit Suisse, said in a statement posted on the website of Saudi Arabia's stock exchange, Tadawul, that the Swiss bank's situation in the aftermath of the Silicon Valley Bank collapse will not affect its growth plans and outlook for 2023. SNB remains above all thresholds and continues to enjoy strong capitalization and liquidity, the statement read. The Saudi bank's total assets exceed 945 billion rials ($251 billion) and it remains focused on its core growth strategy in Saudi Arabia, which is the fastest-growing economy among the G20 countries, it added. SNB also said that in November 2022, it invested 5.5 billion rials in 9.88% of Credit Suisse as part of a capital raising project and as a financial contribution within investment portfolio. As of December 2022, the bank's investment in Credit Suisse represented less than 0.5% of its total assets and about 1.7% of the Saudi bank's investment portfolio. On Sunday, the Swiss National Bank announced that Credit Suisse would be taken over by Switzerland's largest bank, UBS, and the national bank would provide significant assistance to support the takeover. UBS is buying Credit Suisse for 3 billion Swiss francs ($3.2 billion), at 0.76 francs per share. At the close of trading on Friday, Credit Suisse shares were worth 1.86 francs. According to financial news portal MarketWatch, Saudi National Bank, Qatar Investment Authority and the Norwegian Petroleum Fund are among the shareholders of Credit Suisse that may suffer the most serious losses due to the sale of bank shares at a significant discount. For example, Saudi National Bank, which bought shares in the Swiss bank just six months prior for $1.5 billion, could lose over $1 billion. Credit Suisse, one of Switzerland's largest banks, was founded in 1856. The bank operates in 50 countries and employs about 48,000 people. Concerns about Credit Suisse, which was already in trouble in fall, doubled after the bankruptcy of Silicon Valley Bank in the United States. Robert Kiyosaki, a financial columnist who predicted the collapse of Lehman Brothers in 2008, said that Credit Suisse would be next.
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saudi national bank (snb), credit suisse, banks, investments, saudia arabia
saudi national bank (snb), credit suisse, banks, investments, saudia arabia
Saudi National Bank Says Collapse of Credit Suisse Shares to Have No Impact on Its Growth
DOHA (Sputnik) - The Saudi National Bank (SNB) said Monday that the changes in investment valuation in Switzerland's Credit Suisse bank will not affect its 2023 growth plans and forecasts.
SNB, which is one of the main stakeholders of Credit Suisse, said in a statement posted on the website of Saudi Arabia's stock exchange, Tadawul, that the Swiss bank's situation in the aftermath of the
Silicon Valley Bank collapse will not affect its growth plans and outlook for 2023. SNB remains above all thresholds and continues to enjoy strong capitalization and liquidity, the statement read.
The Saudi bank's total assets exceed 945 billion rials ($251 billion) and it remains focused on its core growth strategy in Saudi Arabia, which is the fastest-growing economy among the G20 countries, it added.
SNB also said that in November 2022, it invested 5.5 billion rials in 9.88% of Credit Suisse as part of a capital raising project and as a financial contribution within investment portfolio. As of December 2022, the bank's investment in Credit Suisse represented less than 0.5% of its total assets and about 1.7% of the Saudi bank's investment portfolio.
On Sunday, the Swiss National Bank announced that Credit Suisse
would be taken over by Switzerland's largest bank, UBS, and the national bank would provide significant assistance to support the takeover. UBS is buying Credit Suisse
for 3 billion Swiss francs ($3.2 billion), at 0.76 francs per share. At the close of trading on Friday, Credit Suisse shares were worth 1.86 francs.
According to financial news portal MarketWatch, Saudi National Bank, Qatar Investment Authority and the Norwegian Petroleum Fund are among the shareholders of Credit Suisse that may suffer the most serious losses due to the sale of bank shares at a significant discount. For example, Saudi National Bank, which bought shares in the Swiss bank just six months prior for $1.5 billion, could lose over $1 billion.
Credit Suisse, one of Switzerland's largest banks, was founded in 1856. The bank operates in 50 countries and employs about 48,000 people. Concerns about Credit Suisse, which was already in trouble in fall, doubled after the bankruptcy of Silicon Valley Bank in the United States. Robert Kiyosaki, a financial columnist who predicted the collapse of Lehman Brothers in 2008, said that Credit Suisse would be next.
