Saudi National Bank’s almost 10% shareholding in Credit Suisse will convert to approximately 0.5% of UBS following the merger of the two Swiss lenders, Reuters reported.
Saudi National Bank (SNB), Credit Suisse’s top shareholder, said the carrying value of its investment in the troubled Swiss lender was $346.63 million at March 31, a decline of almost 70% during the first quarter.
At December 31, 2022, the value of SNB’s investment in Credit Suisse had declined by approximately 20%, the statement said.
It then posted an additional fall of almost 70% during the first three months of 2023.In March, Fitch Ratings said the UBS takeover of Credit Suisse would have a neutral impact on SNB’s A-rating, due mainly to the limited contribution of the Credit Suisse investment to its group asset portfolio of less than 0.5% of total assets.
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