By Margot Patrick
A giant and longtime Credit score Suisse Group AG shareholder, the Qatar Funding Authority, disclosed Friday that it upped its stake within the financial institution throughout its latest turmoil.
QIA, the gas-rich Gulf state’s sovereign wealth fund, in a submitting to the Swiss inventory trade stated its stake is now 6%, larger than the 4.8% it disclosed in a separate report back to the Securities and Alternate Fee on Wednesday. QIA in that report stated it had decreased its stake from a 5.2% shareholding in 2018.
The brand new submitting in Switzerland reveals QIA’s stake rose this 12 months due to convertible notes it purchased as a part of a $2 billion money name by Credit score Suisse in April. Credit score Suisse raised the cash to assist face up to greater than $5 billion in losses from the collapse of household workplace Archegos Capital in March.
The notes mandatorily convert to shares in November. Credit score Suisse on the time stated core shareholders and others bought the notes, however did not give particulars.
The Qatar fund first took a big stake in Credit score Suisse in 2008 and helped shore up its capital because the monetary disaster hit.
Write to Margot Patrick at firstname.lastname@example.org