One of Credit Suisse's major shareholders is officially no longer one. Chicago-based investment firm Harris Associates unloaded some of its holdings in the Swiss bank to a level under a mandatory reporting threshold.
Investment firm Harris Associates' shareholding in Credit Suisse has fallen below the three percent threshold, according to mandatory notifications of significant shareholders to Six Exchange Regulation (SER) after selling shares.
The «AWP» news agency was the first to report on the holdings falling below the reporting requirement, which were down from the 3.7 percent the bank held, according to the previous regulatory filing.
Uncertain Holdings
Harris Associates' current holdings in the Swiss bank are now an open question since those under three percent do not need to be disclosed. Harris holds shares in companies, similar to Blackrock, partly through different companies or in different funds.
The company appears in SER filings as both «Harris Associates LP» and «Harris Associates Investment Trust,» which holds shares on behalf of several funds. The trust's stake in Credit Suisse had fallen below 3 percent in mid-December.
There were already several large movements with the Harris' reported holdings. According to US regulatory reports, its Credit Suisse stake temporarily increased from around 5 to over 10 percent last summer, due to a change in reporting practices.
Share Prices Recover
At its capital increase in November, Saudi National Bank became the largest shareholder, holding just under ten percent, which also had an impact on the stakes of other shareholders.
The price of Credit Suisse shares has fallen significantly in recent years. In 2022 alone, the decline was around 70 percent, from around 9 francs, the price was at times well below 3 francs, with shares currently exchanging hands at 3.11 francs.
Credit Suisse declined to comment on the mandatory announcement.
