Saudi National Bank refuses to further help Credit Suisse, and $54 billion Borrowing deal

By Date 16/03/2023

Business and Money

The biggest shareholder in Credit Suisse has refused to increase its stake in Credit Suisse, the chairman of the Saudi National Bank said earlier Wednesday.

The chairman, Ammar Al Khudairy, of the Saudi National Bank said to Bloomberg that we have a 9.88%

Of stake in Credit Suisse, and if they go above 10% then, all kinds of new rules are applicable to us.

To reassure its investors, on another hand,

We do not want a new regulatory regime, Chair Ammar Al Khudairy said.

Credit Suisse will be borrowing up to 50 billion Swiss francs ($53.7 billion) from the Swiss National Bank.

Credit Suisse said in a statement that, Including $2.5 billion of US dollar bonds

Credit Suisse called this action a “decisive action to pre-emptively strengthen its liquidity.”

And €500 million ($529 million) of euro bonds, to manage its liabilities and interest payment expenses, it repurchased billions of dollars of its own debt.