Qatar Investment Authority cuts its stake in Credit Suisse
The stake reduction means that QIA may no longer be the Swiss bank’s largest shareholder
A trader uses a computer at the Doha Stock Exchange in Doha, Qatar, January 8, 2020. Image used for illustrative purpose
By Staff Writer, Arab News
RIYADH: The Qatar Investment Authority (QIA) cut its stake in Credit Suisse Group AG to below 5 percent, after one of the most turbulent years since the global financial crisis, Bloomberg reported.
QIA holds 4.8 percent in Credit Suisse, or about 128 million shares, according to a filing with the Securities and Exchange Commission on Wednesday. The QIA had previously held about 133 million shares, making it the Swiss bank’s biggest shareholder, according to Bloomberg data.
The stake reduction means that QIA may no longer be the Swiss bank’s largest shareholder. Harris Associates has a holding of about 133 million shares, the data show.
Credit Suisse has been hit this year by the blow-ups of Archegos Capital Management and Greensill Capital. The two scandals caused billions of dollars in losses and further dents to its reputation, Bloomberg said.
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