1st Quarter | Börsen-Zeitung boersen-zeitung.de - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from boersen-zeitung.de Daily Mail and Mail on Sunday newspapers.
Saudi National Bank Wanted 40% Stake in Credit Suisse: Blick bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
The Saudi National Bank attempted to raise its stake in Credit Suisse to 40%, which was opposed by Swiss regulator Finma, according to the Swiss newspaper Blick. The attempt occurred shortly before Credit Suisse s collapse in March, with the lender approaching the government with plans to inject $5bn into the struggling bank. Under Swiss law, major foreign shareholders are required to obtain Finma s approval to hold more than a 10% stake in a Swiss bank.
The sudden collapse of Switzerland’s investment standout, Credit Suisse, in March shook the financial industry. Although former competitor UBS came to the rescue and bought it out, not all investors escaped the fray unscathed and are launching legal challenges. What was behind the bank’s demise, and how will it impact the financial sector?