It wasn’t even six months ago that Saudi National Bank paid $1.5 billion for a 9.9% stake in Credit Suisse.
That stake is now worth about $215 million after UBS UBS reportedly swooped in to acquire its fallen rival for more than $2 billion.And while the Saudis certainly can’t be blamed for the raft of scandals and mistakes made by Credit Suisse CSGN CS , it may be their own missteps that led to the Swiss authorities finally having enough.
Investors panicked, sending Credit Suisse shares down 24%, even though his comments were fairly consistent with what the bank had said in October. At that time, it said it had no current plans to go beyond a 9.9% shareholding, though it did say “any future investment would be appraised individually at the time by carefully considering the merits of such investment based on financial impact, capital treatment and long-term shareholder value creation.
It looks like a challenging situation for these countries. Hopefully they can find a way to minimize their losses.
I'm sure that won't change their behavior at all. ScottAdamsSays
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