Qatar Investment Authority plans to raise Credit Suisse stake
The Qatar Investment Authority plans to increase its stake in Credit Suisse by investing in a share sale alongside the Saudi National Bank, according to people with knowledge of the talks.
The deal will result in up to a quarter of Credit Suisse stock being owned by Middle Eastern investors, as the scandal-plagued lender seeks to raise SFr4bn ($4bn) to fund a radical restructure.
Last week, the Swiss bank announced it would strip back and spin off its investment bank, reduce its global workforce by 9,000 and cut SFr2.5bn of costs in a three-year strategic revamp aimed at moving on from a succession of crises and quarterly losses.
After the share sales, SNB, QIA and Olayan will own between 20 and 25 per cent of Credit Suisse stock. SNB is keeping its stake in the bank at less than 10 per cent to avoid complications with the Swiss regulator, according to people with knowledge of the plans.
This story originally appeared on: Financial Times - Author:Samer Al-Atrush
