LBCI

Credit Suisse's Saudi backer happy with transformation plan, doesn't think extra money needed

Middle East

15-03-2023 | 06:18

Share

Share

Credit Suisse's Saudi backer happy with transformation plan, doesn't think extra money needed

2^min

Credit Suisse Group's Saudi backer is happy with the transformation plan and doesn't think the Swiss lender will need extra money.

Saudi National Bank's (SNB) chairman Ammar Al Khudairy on Wednesday described Credit Suisse as an opportunistic investment and said the value realization of that investment will unfold as the Swiss bank proves they are doing the turnaround.

"We are happy with the plan, the transformation plan that they have put forward. It is a very strong bank," Al Khudairy said on in an interview with Reuters.

"I don't think they will need extra money; if you look at their ratios, they're fine. And they operate under a strong regulatory regime in Switzerland and in other countries," Al Khudairy said on the sidelines of a conference in Riyadh.

SNB's investment objective is not dependent on time, and the Saudi bank will exit when proper value to the shares is acquired, he added.

The Saudi lender acquired a stake of almost 10% last year after it took part in Credit Suisse's capital raising and committed to investing up to 1.5 billion Swiss francs ($1.5 billion).

Credit Suisse

Saudi Arabia

Backer

Happy

Transformation

Plan

Doesn't Think

Extra

Money

Needed

Subscribe to our VOD

SUBSCRIBE

Our visitors readings

Israeli drone kills Hezbollah Radwan Force member in south Lebanon,, military claims

2025-04-16

Israeli drone kills Hezbollah Radwan Force member in south Lebanon,, military claims

Lebanese army raids captagon production facility on Lebanon-Syria border

2025-05-05

Lebanese army raids captagon production facility on Lebanon-Syria border

From Beirut to global brands: André Zakhya turns imagination into impact for Google, PUMA, and more

Variety and Tech

2025-08-22

From Beirut to global brands: André Zakhya turns imagination into impact for Google, PUMA, and more

Escalation without limits: Israel unleashes multi-front offensive as Gaza war nears second year

News Bulletin Reports

12:48

Escalation without limits: Israel unleashes multi-front offensive as Gaza war nears second year

Videos

Lunar eclipse captivates Lebanon: watch the stunning video

2025-09-07

Lunar eclipse captivates Lebanon: watch the stunning video

LBCI correspondent reports from Nabatieh as residents clear rubble after Israeli strikes

2025-08-31

LBCI correspondent reports from Nabatieh as residents clear rubble after Israeli strikes

Unprecedented step: Lebanon funds kidney transplants for all qualified patients

2025-08-29

Unprecedented step: Lebanon funds kidney transplants for all qualified patients

US envoy Barrack clarifies ‘animalistic’ comment, says media ‘just doing their job’

2025-08-28

US envoy Barrack clarifies ‘animalistic’ comment, says media ‘just doing their job’

US congressional delegation in Beirut discusses disarmament of Hezbollah, LAF support, Israeli perspective

2025-08-26

US congressional delegation in Beirut discusses disarmament of Hezbollah, LAF support, Israeli perspective

40 years of LBCI: A look back at its milestones

News Bulletin Reports

2025-08-23

40 years of LBCI: A look back at its milestones

President Aoun: Hezbollah's weapons are an internal matter, US proposal is now a Lebanese paper

2025-08-17

President Aoun: Hezbollah's weapons are an internal matter, US proposal is now a Lebanese paper

Pregnant journalist Petra Abou Haidar attacked in road rage assault

2025-07-15

Pregnant journalist Petra Abou Haidar attacked in road rage assault

Massive fire erupts at unregulated dumpsite in Bchannine, Zgharta district

2025-07-01

Massive fire erupts at unregulated dumpsite in Bchannine, Zgharta district

Most read

24 hours

7 days

Month

UNIFIL donates over 100 vehicles and equipment to Lebanese Army in support boost

1

UNIFIL donates over 100 vehicles and equipment to Lebanese Army in support boost

Legal action: Lebanon moves toward criminalizing bullying with new draft law

2

Legal action: Lebanon moves toward criminalizing bullying with new draft law

Retired soldiers block roads with burning tires in Beirut and Tripoli (Video)

3

Retired soldiers block roads with burning tires in Beirut and Tripoli (Video)

Rumors of delay: Will Lebanon's 2026 parliamentary elections be held on time?

4

Rumors of delay: Will Lebanon's 2026 parliamentary elections be held on time?

Escalation without limits: Israel unleashes multi-front offensive as Gaza war nears second year

5

Escalation without limits: Israel unleashes multi-front offensive as Gaza war nears second year

Syria has withdrawn heavy weapons from south: Military official to AFP

6

Syria has withdrawn heavy weapons from south: Military official to AFP

Bills and illnesses: The high cost of Lebanon's power shortage

7

Bills and illnesses: The high cost of Lebanon's power shortage

Lebanese Cabinet announces approved measures following session

8

Lebanese Cabinet announces approved measures following session

Download now the LBCI mobile app

To see the latest news, the latest daily programs in Lebanon and the world

Google Play

App Store

Download now the LBCI mobile app

We use
cookies

We use cookies to make
your experience on this
website better.

Accept

Learn More