The Clap
The Saudi National Bank (SNB) (1180) will aid in Credit Suisse’s capital increase to support the growth and future transformation of the bank’s business.
The Deets
SNB wants to invest about CHF 1.5 billion (equivalent to SAR 5.7 billion) in Credit Suisse’s capital increase.
This will give the SNB a 9.9% stake in Credit Suisse, after participating in the private placement of ordinary shares by the banking group.
Credit Suisse indicated that the capital increase is subject to the relevant terms and conditions, which include the approval of the General Assembly of Credit Suisse.
SNB
SNB is the largest Saudi bank in terms of assets, due to a merger with the National Commercial Bank and Samba in April 2021.
The bank boasts a capital of SAR 44.7 billion and more than 10 million clients.
The investment in Credit Suisse is the bank’s first in Europe.
So What
SNB explained that it aims to develop its business in asset management, wealth, and investment banking services in Saudi Arabia and the region while providing the best services, products, and capabilities to its customers, and meeting their financial needs.
What Now
The bank may participate in future capital increases for Credit Suisse to establish an independent investment bank focused on advisory and capital markets activities.
