Switzerland’s Credit Suisse Group reportedly drawing interest from Abu Dhabi and Saudi Arabia, Bloomberg reported.
“Abu Dhabi and Saudi Arabia are weighing whether to put money into Credit Suisse Group AG’s investment bank and other businesses to take advantage of depressed values,” people with knowledge of the matter told Bloomberg.
Abu Dhabi and Saudi are “separately exploring potential investments” through their sovereign wealth funds such as Mubadala Investment Co and Public Investment Fund (PIF), respectively.
“A deal could also come through other vehicles in which each country owns significant stakes,” the undisclosed sources told Bloomberg, adding that these deliberations are still at their initial stages and it is not clear if they will lead to firm offers.
“Potential investors are wary about the risk of future losses or legal issues,” Bloomberg reported.
As of now, Qatar Investment Authority and Saudi Arabia’s Olayan Group are already top shareholders in Credit Suisse.
“They’ve often invested in times of need, including the QIA’s participation in Credit Suisse’s approximately $2 billion convertible notes issuance in April 2021. That helped shore up the balance sheet after Archegos,” Bloomberg said.
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