Credit Suisse losses make Gulf investors wary of bank deals FMTNews FMTBusiness
Regional sovereign wealth funds are concerned by the market turmoil that wiped US$1 billion from Saudi National Bank’s stake.
The most recent losses on Credit Suisse are a stark reminder of a series of investments made by Gulf investors during the 2008 financial crisis – many of which ended in financial loss or legal battles. Flush with cash after oil’s recent surge, Middle Eastern investors had resumed exploring deals for foreign lenders.
The Swiss bank also counts Saudi conglomerate Olayan Group among one of its biggest shareholders with a roughly 3% stake. Instead, its Chairman Ammar Al Khudairy helped trigger the biggest one-day dive in Credit Suisse’s shares since the financial crisis on March 15 when he told Bloomberg TV “absolutely not” when asked whether the lender would be open to further investments in the bank if there was another call for additional liquidity.
During the financial crisis, sovereign funds in Abu Dhabi, Qatar and Kuwait ploughed about US$69 billion into firms such as Barclays Plc, Merrill Lynch and Citigroup Inc, according to boutique adviser and data firm Global SWF.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Swiss central bank: Credit Suisse buyout was for global financial stabilityZURICH, March 23 ― The UBS takeover of stricken bank Credit Suisse was orchestrated to preserve global financial stability, Switzerland's central bank said today,...
Read more »
Credit Suisse collapse leaves sports sponsorships in limboGENEVA, March 23 — The takeover of Swiss bank Credit Suisse leaves many sports stars, teams and tournaments with a big question mark hanging over their lucrative sponsorship...
Read more »
Credit and Debit card support and MLFF for highway tolls: 3 big questions - SoyaCincauIf Malaysia aims to implement barrier-less MLFF by end of next year, putting credit card terminals at toll booths would be a dumb move. Malaysia aims to spend RM3.46 billion for MLFF and there are big questions about its implementation.
Read more »
5 Highway Tolls To Accept Credit And Debit Card Payment | TRPWorks Minister Datuk Seri Alexander Nanta Linggi said the open payment system will be implemented in all five highways by September.
Read more »
Penang Bridge, BKE to trial open toll in September | The Malaysian InsightPLUS COO says motorists will be able to use debit and credit cards in RFID lanes.
Read more »
PLUS to conduct open toll payment system trial run at Penang Bridge, BKE in SeptPLUS chief operating officer Datuk Zakaria Ahmad Zabidi said they will work with the Malaysia Highway Authority (LLM) to implement the system. theSun thesundaily PLUS PenangBridge ButterworthKulimExpressway LLM
Read more »