Sunday, August 1, 2021

Qatar Investment Authority reduces its stake in Credit Suisse to less than 5% By Reuters

Disclosure: Qatar Investment Authority reduces its stake in Credit Suisse to less than 5%
© Reuters. Credit Suisse’s headquarters in Zurich. Photo from Reuters archive.

DUBAI (Reuters) – A disclosure to the U.S. Securities and Exchange Commission said on Wednesday that the Qatar Investment Authority reduced its stake in Credit Suisse to less than five percent.

The disclosure showed that the Qatar Investment Authority’s stake in the Swiss wealth manager fell to 4.84 percent from 5.03 percent.

The disclosure did not mention the reason for the slight reduction in the stake, but added that it was reported because the Qatar Investment Authority “no longer has the beneficial owner of more than five percent of the common shares.”

But this isn’t the first time the share has fallen below this level. In 2017, the share fell even lower, but a year later, the agency raised it to more than five percent.

Credit Suisse is raising capital, halting share buybacks, cutting dividends and reshaping management after losing more than $5 billion from the collapse of the Archigos fund and suspending funds linked to Greensl.

Earlier this month, former Qatari Prime Minister Sheikh Hamad bin Jassim Al Thani, a major shareholder in Deutsche (DE:) Bank, suggested European banks should seek merger deals if they wanted to compete with US or Chinese banks.

(Press coverage by Saeed Azhar – prepared by Mahmoud Salama for the Arabic Bulletin)

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