Saudi National Bank wanted to increase its stake in Credit Suisse to around 40% from 9.88%, but was prevented from doing so by Swiss regulator FINMA, Blick newspaper reported on Sunday.
agreed to buy Credit Suisse for a knockdown price of three billion Swiss francs on March 19 in a rescue orchestrated by Swiss authorities.
FINMA must give its approval for a foreign investor to take a stake of more than 10% in a major Swiss bank. It was not clear why FINMA opposed the move that would have involved Saudi National Bank, which was already the biggest shareholder in Credit Suisse, pumping $5 billion into the bank, Swiss newspaper Blick reported, without identifying its sources.were not immediately available for comment.of Credit Suisse last month, forging a Swiss banking and wealth management giant with a $1.6 trillion balance sheet and overseeing more than $5 trillion in assets.
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