SNB finalizes capital hike procedures of Credit Suisse Group at SAR 5.5 bln cost

11/12/2022 Argaam
Logo ofSaudi National Bank (SNB)

Logo of Saudi National Bank (SNB)

Saudi National Bank (SNB) announced the completion of capital hike procedures with Credit Suisse Group, according to a statement to Tadawul.

 

Accordingly, as of Dec. 9, SNB owns 9.88% of Credit Suisse Group’s shares.

 

SNB invested CHF 1.396 billion (approximately SAR 5.5 billion) in the capital increase. 

 

More disclosures will be published as required by applicable regulations and rules, the statement noted.

 

According to data compiled by Argaam, SNB announced on Oct. 27, its commitment to participate in the capital raise planned by Credit Suisse Group AG.

 

SNB said it committed to 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.

 

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