After selling part of its stake in Credit Suisse in 2021, the Qatar Investment Authority lost the distinction of being its largest shareholder. Now it is back to expanding its holdings.
The Qatar Investment Authority (QIA) becomes Credit Suisse's second-largest shareholder after doubling its investment in the Swiss lender to just under 7 percent, according to a report in the «Financial Times» (behind paywall) Tuesday.
According to media reports and a filing with the Swiss stock exchange SIX, the QIA boosted its holdings to 6.87 percent from 5.57 percent. The increase comes as US shareholders have wound down their investment in Credit Suisse. Once the largest Credit Suisse shareholder, Chicago-based Harris Associates cut its stake from 10 percent a few months ago to under the 5 percent regulatory reporting threshold.
Middle East Holdings
The Saudi National Bank, 37 percent owned by the kingdom's sovereign wealth fund, holds 9.9 percent of Credit Suisse shares, although it has no plans to expand that for now. Another 3 percent is held by Saudi Arabia's Olayan family. Those holdings together with those of the QIA, investors in the Middle East hold around 20 percent of outstanding Credit Suisse shares.
In 2011 the Qataris helped Credit Suisse avoid a state bailout by buying convertible bonds worth 2.5 billion francs ($2.7 billion) and $1.72 billion earning over 380 million francs of interest up to 2018. In 2017, the QIA also reduced its holding of Credit Suisse shares, but held onto the convertible bonds, as finews.com reported.
