Saudi Investors Get Burned on Credit Suisse
- Date: 21-Mar-2023
- Source: The Wall Street Journal
- Sector:Financial Markets
- Country:Saudi Arabia
Saudi Investors Get Burned on Credit Suisse
Some of kingdom’s officials harbored doubts about a $1.5 billion investment in bank before crown prince signed off
March 20, 2023 4:59 pm ETDUBAI—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 Group AG 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.
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