Logo of Saudi National Bank
Saudi National Bank is committed to participate in the capital raise announced by Credit Suisse Group AG today, Oct. 27.
In a statement to Tadawul, SNB said it will invest up to CHF 1.5 billion (SAR 5.7 billion) in the group to hold a stake of up to 9.9% through a private placement of non-pre-emptive shares by Credit Suisse.
Having completed the private placement, SNB in its capacity as shareholder of Credit Suisse, will have the right to subscribe to the subsequent rights offering by Credit Suisse.
The capital raise is subject to customary terms and conditions, including the approval of Credit Suisse’s extraordinary general meeting (EGM).
SNB may also participate in the capital raising process by Credit Suisse going forward, which aims to support the establishment of an independent investment bank focused on advisory and capital markets activities.
Through the capital raise, Credit Suisse aims, to assist with the future growth and transformation of their business. Following this move, SNB intends to explore certain strategic partnerships with Credit Suisse in complementary geographies and businesses.
SNB added that it aims to develop its businesses in asset management, wealth management and investment banking in Saudi Arabia and the region and to provide its customers with the best-in-class services, products and capabilities to meet their financial need.
More announcements will follow, when necessary, according to applicable regulations, SNB concluded.