Qatar Investment Doubles Its Stake In Credit Suisse As US Investors Offload Theirs

• The Qatar Investment Authority (QIA) has increased its stake in Credit Suisse Group Inc (NYSE: CS), becoming the second-biggest shareholder after the Saudi National Bank.

• As per the U.S. Securities and Exchange Commission filing, the QIA doubled its stake in the Swiss bank and now owns a 6.87% stake in Credit Suisse.

• The move comes as Harris Associates, the bank's biggest shareholder just a few months ago with a 10% stake, now owns less than 5%.

• Together with the Saudi National Bank's 10% stake and 3% held by the Olayan family of Saudi Arabia, the three Middle Eastern investors control more than 20% of Credit Suisse's stock, Financial Times reported.

• Earlier, the Financial Times reported that the Qatar Investment Authority was looking to increase its stake in Credit Suisse, with Saudi National Bank, QIA, and Olayan owning between 20%-25% of Credit Suisse.

• In December, the bank closed rights offering for 872,989,594 newly issued shares for the gross proceeds of approximately CHF 2.24 billion.

• The gross proceeds for Credit Suisse of the rights offering and the previously implemented capital increase are expected to amount to approximately CHF 4.0 billion.

• Price Action: CS shares are down 2.26% at $3.46 during the premarket session on the last check Tuesday.

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This article originally appeared on Benzinga.com

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