Credit Suisse expects a big loss in the fourth quarter

Capital increase approved

ČS shareholders approve the Saudi investment

Credit Suisse gets new money – and a major Saudi shareholder: Shareholders approved an urgently needed cash injection and overwhelmingly approved a capital increase.

1/7

Now the National Bank of Saudi Arabia is one of Credit Suisse’s largest shareholders.

Flask_05.JPG

Christian KolbeEditor Economics

So now the Saudis are on board with Credit Suisse: At the big bank’s extraordinary general meeting, shareholders approved the entry of a few hand-picked new investors as well as a capital increase for all existing shareholders. This means that the Saudi National Bank will soon be one of the largest shareholders in the troubled Czech Republic.

Saudi Commercial Bank will own almost 10 percent of a major Swiss bank in the future. In a statement, CS Chairman Axel Lehman (63) thanks shareholders for their support for the urgently needed capital injection: “The approval of shareholders is an important milestone on the way to the new Credit Suisse.” Lehmann believes this result reflects shareholders’ confidence in the bank’s new strategy. “We are now focused on laying the foundations for future profitable growth with the implementation of the strategy.”

Leave a Comment