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Sunday, March 26, 2023

A giant that concentrates global interests

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With a market capitalization of 6,830 million francs (7,000 million euros), Credit Suisse is the second Swiss bank after UBS (61,000 million euros) and is in Arab hands.

In fact, among the main shareholders are the Saudi National Bank (9.88%), Qatar Holding (5.03%) and Olayan Group (4.93%), which together form a block that concentrates almost 20% of the capital.

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Shareholders also include the US fund BlackRock with 4.07%, which is also a stake in UBS with 5.23%. To this are added other US shareholders such as Dodge & Cox with 3.02%, the Massachusetts Financial Services Company (3.01%), Artisan Partners Limited (3.15%) and Norges Bank (3.01%).

Credit Suisse launched a capital increase of 4,110 million euros in December to face a loss of 7,000 million.


Founded in 1856 by Alfred Escher, Credit Suisse is headquartered in Zurich, where it is publicly traded, as well as in New York. In fact, the group operates throughout the world with three divisions (Private Banking, Investment Banking and Asset Management). The group’s global workforce reaches 50,110 employees, with 3,520 managers and 1.6 trillion euros in managed assets.

The group’s recent history has certainly not been an easy one. After exposure to the Archegos and Greensill hedge funds that went bankrupt in 2021 at a total cost of €6.16bn (see main note), the group never recovered.

In 2021 the red was 1,540 million euros after provisions of 4,410 million. In November, S&P lowered its rating to BBB- and a month later, faced with record losses, the capital increase began, which opened the doors to the Saudis, who, however, announced yesterday that they could no longer intervene in the rescue of the bank.

Source: Ambito

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