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Wall Street Journal
Credit Suisse Collapse Burns Saudi Investors
wsj.com/articles/credit-suisse-collapse-burns-saudi-investors-3f096a07
Written:- By Summer Said, Julie Steinberg, Margot Patrick, and Stephen Kalin
Date Published:- March 20, 2023
Photo: Hannah McKay/Reuters
DUBAI—Riding an oil-price boom last year, Saudi Crown Prince Mohammed bin Salman directed government-backed Saudi National Bank to make a $1.5 billion investment in Credit Suisse CS that his financial advisers harbored doubts about, according to people familiar with the matter.
Now, the Saudi investment is almost wiped out after Credit Suisse’s emergency merger with UBS Group AG.
Credit Suisse’s meltdown also erased billions of dollars in investments made by Qatar’s sovereign fund and the Saudi-based Olayan family, making the Persian Gulf one of the biggest losers from a slide in financial stocks since the collapse of two U.S. banks last week.
Videos
CNBC
- Credit Suisse is in a negative feedback loop with stubborn costs and weak revenue
- Profile
- CNBC’s Hugh Son and Mike Santoli join ‘Power Lunch’ to discuss the complications facing Credit Suisse, similarities between Credit Suisse’s bank run and that of Silicon Valley Bank, as well as the likelihood of Credit Suisse receiving a bailout from the Swiss government.
- Videos
- Credit Suisse is in a negative feedback loop with stubborn costs and weak revenue
Channel:- CNBC Television
Date Added:- 2023-March-15th
Date Added:- 2023-March-21st
Link
- Credit Suisse is in a negative feedback loop with stubborn costs and weak revenue
- Participants
- Hugh Son
- CNBC Financial Reporter
- Hugh Son
- Profile
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