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☆ Most Gulf markets drop as cenbanks toe hawkish Fed line
▼ + stars: | 2022-11-03 | by ( Ateeq Shariff | ) www.reuters.com time to read: +3 min

read more read moreSaudi Arabia and the United Arab Emirates, the region's two largest economies, both increased rates by 75 basis points. The Saudi central bank, also known as SAMA, lifted its repo and reverse repo rates to 4.5% and 4%, respectively. Saudi Arabia's benchmark index (<.TASI>) dropped 0.8%, hit by a 1.6% fall in Al Rajhi Bank (<1120.SE>) and a 2.1% drop in Riyad Bank (<1010.SE>). Since Oct. 27, SNB market-cap has shed 25.74 billion riyals ($6.85 billion), according Refinitiv Eikon Data. Outside the Gulf, Egypt's blue-chip index (<.EGX30>) rose 0.2%, helped by a 1.2% gain in Commercial International Bank Egypt (<COMI.CA>).

☆ Saudi's SNB to hold Credit Suisse stake for at least two years, chairman says
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Nov 2 (Reuters) - Saudi National Bank's (1180.SE) investment in Credit Suisse (CSGN.S) is tactical rather than strategic, its chairman said on Wednesday, adding that the Saudi lender expects to hold its stake in the Swiss bank for at least two years. SNB announced in October that it was taking part in Credit Suisse's capital raising and committed to investing up to 1.5 billion Swiss francs ($1.5 billion) to take a stake of up to 9.9%. Chairman Ammar Al Khudairy, speaking to Al Arabiya TV, said majority government-owned SNB would not consider selling its stake in the Swiss lender in the short-term. When asked whether the bank would raise its stake above 9.9%, Khudairy said there was no plan to do so. He also said the Saudi lender did not seek a seat on the Credit Suisse board.

☆ Saudi Credit Suisse deal is fair Buffett imitation
▼ + stars: | 2022-11-02 | by ( Liam Proud | ) www.reuters.com time to read: +3 min

Saudi National Bank (1180.SE) is continuing the tradition, ponying up about $1.4 billion for a 9.9% stake in troubled Credit Suisse (CSGN.S). By contrast, Saudi Arabia’s biggest bank is acquiring $1.2 billion of new Credit Suisse shares in a private placement and then participating in the bank’s imminent rights issue. Credit Suisse is targeting a 6% return on tangible equity in 2025, once Chief Executive Ulrich Körner has cut costs and shrank the investment bank. The Gulf bank has talked up the wider opportunities of partnering with Credit Suisse. That would cost SNB roughly 220 million Swiss francs, taking its total investment spend to around 1.4 billion Swiss francs.

☆ Qatar Investment Authority plans to raise stake in Credit Suisse - FT
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Swiss bank Credit Suisse is seen in front of an office building in Zurich, Switzerland October 26, 2022. REUTERS/Arnd WiegmannNov 2 (Reuters) - The Qatar Investment Authority plans to raise its stake in Swiss lender Credit Suisse Group AG (CSGN.S) by investing in a share sale alongside the Saudi National Bank (1180.SE), the Financial Times reported, citing people with knowledge of the talks. Credit Suisse declined to comment on the report, while Qatar Investment Authority did not immediately respond to a Reuters request. read moreLast week, Saudi Arabia-controlled SNB said it would invest up to 1.5 billion francs in Credit Suisse to take a stake of up to 9.9% and may invest in the investment bank. ($1 = 0.9980 Swiss francs)Reporting by Anirudh Saligrama in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ What Saudi Arabia’s Biggest Bank Wants With Credit Suisse
▼ + stars: | 2022-10-31 | by ( Stephen Kalin | Margot Patrick | ) www.wsj.com time to read: 1 min

Credit Suisse’s soon-to-be-largest investor is keen on gaining access to the lender’s industry specialists and new tools . REUTERS/Arnd Wiegmann/File PhotoDUBAI–Saudi Arabia’s largest bank will soon be the biggest investor in Credit Suisse AG and wants to bring the Swiss lender deeper into the kingdom’s booming financial markets while expanding ties to rich Middle Easterners. “We think it would be synergistic to both sides if we could get them more involved in the Saudi market,” Saudi National Bank Chairman Ammar al-Khudairy said.

☆ Credit Suisse unveils details of $4 billion capital raising plan
▼ + stars: | 2022-10-31 | by ( John Revill | ) www.reuters.com time to read: +2 min

ZURICH, Oct 31 (Reuters) - Credit Suisse (CSGN.S) on Monday unveiled details of its plan to raise 4 billion Swiss francs ($4.01 billion) from investors to support the embattled bank's bid to tackle the biggest crisis in its 166-year history. It said new investors have committed to buying 462 million new shares at a purchase price of 3.82 Swiss francs ($3.83), equivalent to 94% of the volume weighted average price of Credit Suisse shares on Oct. 27 and 28, raising 1.76 billion Swiss francs. Some 307.6 million of the new shares are expected to be bought by Saudi National Bank (1180.SE), giving it a 9.9% stake in Credit Suisse. It is expected that seven pre-emptive subscription rights will entitle their holder to purchase two new shares at a 32% discount on the reference price, Credit Suisse said. If shareholders reject the plan, Credit Suisse said it would issue 1.8 billion new shares at an offer price of 2.27 francs per share, which would still enable it to raise 4 billion francs.

☆ Saudi National Bank chairman calls on Credit Suisse management 'not to blink' on overhaul
▼ + stars: | 2022-10-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSaudi National Bank chairman calls on Credit Suisse management 'not to blink' on overhaulAmmar Alkhudairy, Saudi National Bank chairman, says the lender got the Credit Suisse stake at “floor price,” and calls on management “not to blink” on its overhaul.

☆ Credit Suisse shares are a 'steal,' say new Saudi backers after taking 9.9% stake
▼ + stars: | 2022-10-31 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Saudi National Bank, the kingdom's largest lender and majority-owned by the Saudi government, announced Wednesday that it was investing up to $1.5 billion in Credit Suisse — representing a stake of up to 9.9%. The bank is reportedly set to become the second-largest shareholder of Credit Suisse, second to Harris Associates. It also aims to cut its cost base by 15%, or 2.5 billion Swiss francs, by 2025. The SNB chairman cited Credit Suisse's investment banking unit as the Achilles' heel of the company, accentuated by the current climate of increased market volatility. "The biggest overhang for Credit Suisse, over the past couple of years ... has been the volatility of the performance of their investment bank," he told CNBC.

☆ Credit Suisse prices shares in capital hike at 3.82 francs
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Oct 31 (Reuters) - Credit Suisse (CSGN.S) on Monday said qualified investors have committed to buying 462 million new shares at a purchase price of 3.82 Swiss francs ($3.83), as it announced details of its capital hike. The price represented 94% of the volume weighted average price of Credit Suisse shares on Oct. 27 and 28, and will raise gross proceeds of 1.76 billion Swiss francs. Some 307.6 million of the new shares are expected to be bought by Saudi National Bank (1180.SE), giving it a 9.9% stake in Credit Suisse, the Swiss lender said. It is expected that seven pre-emptive subscription rights will entitle their holder to purchase two new shares at a 32% discount on the reference price, Credit Suisse said. The gross proceeds of both capital increases is expected to be about 4 billion francs, the bank said.

☆ Saudi shares rise on upbeat economic data, Dubai stocks fall
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

Oct 31 (Reuters) - Saudi Arabia shares rose on Monday helped by strong economic data and some upbeat corporate results, while the Dubai index fell ahead of the U.S. Federal Reserve meeting. The benchmark Saudi index (<.TASI>) inched up 0.3%, erasing previous session's losses. The index was lifted by a 2.8% rise in Saudi National Bank's (<1180.SE>) shares. Saudi oil giant Aramco rose 0.4%, extending gains. The Dubai market declined as investors worldwide remain cautious ahead of the Fed's interest rate decision, said Wael Makarem, senior market strategist, MENA at Exness.

☆ Saudi Shares fall on weak earnings, volatile oil
▼ + stars: | 2022-10-30 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +3 min

Most Gulf currencies are pegged to the dollar and Qatar, Saudi Arabia and the United Arab Emirates usually copy any monetary policy change in the United States. The benchmark index (<.TASI>) in Saudi Arabia declined 0.7%, pulled down by a 2% drop in SABIC Industries (<2010.SE>) shares after the company reported a lower quarterly profit. The petrochemical maker posted a quarterly net profit after zakat and tax payments of 1.84 billion riyals ($489.62 million), down from 5.6 billion riyals year ago. Another petrochemical maker Nama Chemicals (<2210.SE>) posted a quarterly loss of 5.4 million riyals compared to a profit of 4.9 million riyals year ago. Earlier, the company recorded 669.20 million Egyptian pounds ($28.12 million) during the first-quarter of fiscal year, an yearly increase of 98.97% from 336.33 million Egyptian pounds.

ZURICH/NEW YORK, Oct 28 (Reuters) - After months of reflecting, Credit Suisse's chairman Axel Lehmann revealed an overhaul "to rebuild Credit Suisse as a strong ... bank with a firm foundation, rock-solid like our Swiss mountains". On Thursday, Credit Suisse outlined plans to raise 4 billion Swiss francs from investors, cut thousands of jobs and shift its focus from investment banking towards its rich clients. Credit Suisse said its clients pulled funds in recent weeks at a pace that led the lender to breach some regulatory requirements for liquidity, underscoring the deep impact of wild market swings and social media speculation about its health. It will separate its investment bank to create CS First Boston, focused on advisory work such as mergers and acquisitions and arranging deals on capital markets. And that's the pond that Credit Suisse is swimming in."

☆ 4 things to know about Wall Street veteran Michael Klein, the incoming CEO of CS First Boston, Credit Suisse's spin-off of its investment bank
▼ + stars: | 2022-10-27 | by ( Carter Johnson | ) www.businessinsider.com time to read: +2 min

Michael Klein was named CEO of CS First Boston, Credit Suisse's spin-off of its investment bank. Klein is a Wall Street veteran, having spent more than two decades at Citigroup. Michael Klein, a Credit Suisse board member that helped the bank conduct its strategic review, has been tapped to take the helm at CS First Boston starting in 2023. Klein is no stranger to dealmaking on Wall Street, having spent more than two decades at Citigroup before eventually setting up his own advisory shop in 2010. Here's everything you need to know about the man tasked with reinvigorating the Swiss bank's advisory arm.

☆ The evolution of Credit Suisse over 166 years
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +4 min

1990The group takes a controlling stake in U.S. investment bank CS First Boston and buys Bank Leu, a Swiss private bank. 1997A reorganisation turns CS Holding into Credit Suisse Group and drops the SKA name; it also buys insurer Winterthur, a strategic partner. 2002A reorganisation creates two units: Credit Suisse Financial Services and Credit Suisse First Boston; two years later it splits into three units by adding Winterthur. 2005Credit Suisse and CSFB merge and stop using the Credit Suisse First Boston brand name. In March, U.S. investment fund Archegos implodes, saddling Credit Suisse with a $5.5 billion loss.

☆ Factbox: Credit Suisse's strategic overhaul at a glance
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +3 min

Here are main elements of the new strategy:CAPITALThe bank plans to raise 4 billion Swiss francs ($4.06 billion) to strengthen its balance sheet. It aims to reduce its cost base by 15%, or around 2.5 billion francs, to reach around 14.5 billion in 2025. INVESTMENT BANKThe bank will spin off its capital markets and advisory activities into a separate business as CS First Boston, in a renewal of a former brand. CS First Boston, will aim to attract third-party capital as well as a preferred long-term partnership with the new Credit Suisse. Credit Suisse will keep its Markets business, including the strongest trading business.

The troubled Swiss bank outlined what its chairman Axel Lehmann dubbed a "blueprint for success", after racking up a 4 billion Swiss franc loss in the third quarter of the year and following torrid weeks for the group. Saudi National Bank, the Kingdom's biggest lender, committed to invest up to 1.5 billion francs in Credit Suisse to achieve a shareholding of up to 9.9%. The Swiss bank said it also aims to separate out its investment bank to create CS First Boston, focused on advisory and capital markets, and hopes to attract third-party capital and set up a partnership with the new Credit Suisse. Credit Suisse said it will create a capital release unit to wind down non-strategic, higher-risk businesses, while announcing the sale of a large part of its securitised products business. Credit Suisse needs to revamp after a series of costly and morale-sapping blunders that triggered a wholesale change of management, a halt in dividend payments and an urgent rethink about its future.

LONDON, Oct 27 (Reuters) - Seeking to restore vigour to a business that's been languishing, Credit Suisse (CSGN.S) says it will reshape its investment bank by resurrecting the First Boston brand. Still, Credit Suisse says it expects CS First Boston to generate 14% of total group revenue by 2025, starting with annual sales of about $2.5 billion. Credit Suisse has been plagued by an exodus of senior bankers over the past 18 months. Yet most trading activities will remain within Credit Suisse, raising questions on CSFB's ability to compete with the likes of Goldman Sachs and JPMorgan (JPM.N). Credit Suisse is hoping to eventually pursue an initial public offering of CSFB, Körner told analysts.

☆ Credit Suisse begins perilous ride to right place
▼ + stars: | 2022-10-27 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, Oct 27 (Reuters Breakingviews) - After years of botched strategies, Credit Suisse (CSGN.S) has finally hit the nail on the head. He’s also in exclusive talks with Apollo Global Management (APO.N) and PIMCO about selling the securitisation business, which bundles and slices mortgages for credit investors. It could fall even further if Credit Suisse eventually hives off the carved-out dealmaking business it is rebranding as CS First Boston, under former Citigroup (C.N) rainmaker Michael Klein. Those moves solve the central problem that has plagued Credit Suisse for years, and which former CEOs Thomas Gottstein and Tidjane Thiam failed to answer. The deposit outflow saw Credit Suisse breach liquidity requirements set by regulators of its legal subsidiaries.

☆ Credit Suisse mulls IPO for CS First Boston - source
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Oct 27 (Reuters) - Credit Suisse (CSGN.S) is exploring the possibility of an initial public offering for its CS First Boston spinoff, a source familiar with the matter told Reuters on Thursday. The Swiss bank is starting out as the majority shareholder for the newly created investment bank entity, but sees an IPO as a future option, the source said. An unnamed investment company has already committed to inject $500 million into CS First Boston, focused on advisory and capital markets, Chief Executive Ulrich Koerner said. Saudi National Bank, which is taking a stake of up to 9.9% in Credit Suisse Group, has also said it was ready to put money into the investment bank spinoff. Credit Suisse board member Michael Klein will step down and become chief executive of the new CS First Boston entity, which will be headquartered in New York.

☆ Saudi bourse gains on strong earnings, oil prices; Qatar falls
▼ + stars: | 2022-10-23 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Oct 23 (Reuters) - Saudi Arabia's stock market ended higher on Sunday, in response to rising oil prices and strong earnings, while the Qatari index retreated amid falling natural gas prices. Post trading hours, the company reported a quarterly net profit of 269.9 million riyals ($71.82 million), up from 18 million riyals a year ago. Saudi National Bank (<1180.SE>), the country's biggest lender, inched 0.3% higher, after posting a net profit of 4.725 billion riyals ($1.26 billion) in the quarter, up from 3.98 billion riyals a year earlier. read moreThe Qatari index (<.QSI>) fell 0.5%, hit by a 1.1% fall in petrochemical maker Industries Qatar (<IQCD.QA>). "The commodity could extend losses as production outpaces expectations and warm weather limits demand, putting more pressure on the stock market," he said.

☆ Emirates NBD sells $500 million in 5-year bonds
▼ + stars: | 2022-10-18 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

DUBAI, Oct 18 (Reuters) - Dubai's biggest bank Emirates NBD sold $500 million in five-year bonds in its first public debt sale of the year which received more than $1 billion in orders, a bank document showed on Tuesday. The bank tightened the final spread by 20 basis points to 155 bps over U.S. Treasuries for the bonds sale arranged by Abu Dhabi Commercial Bank, Barclays, Emirates NBD Capital, HSBC, SMBC and Standard Chartered Bank. The sale came as Saudi Arabia and Abu Dhabi sovereign wealth fund Mubadala also issued bonds on Tuesday. Emirates NBD, nearly 56% owned by the government's Investment Corporation of Dubai, last sold bonds in the public debt markets in May last year, raising $750 million with Additional Tier 1 bonds non-callable for six years after raising the same amount via five-year bonds in January 2021. Register now for FREE unlimited access to Reuters.com RegisterReporting by Yousef Saba; Editing by Clarence Fernandez and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Abu Dhabi leads Gulf markets higher, conglomerate IHC soars
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

Oct 18 (Reuters) - Most stock markets in the Gulf rose in early trade on Tuesday, tracking strength in Asian shares and oil prices, with the Abu Dhabi index outperforming the region led by a surge in International Holding Co (IHC) (IHC.AD). Register now for FREE unlimited access to Reuters.com RegisterInternational Holding will acquire Infinity's shares in Alpha Dhabi Holding, Multiply Group and Al Seer Marine in exchange for issuing capital increase share in the company. Saudi Arabia's benchmark index (.TASI) advanced 1.5%, with Al Rajhi Bank (1120.SE) rising 2% and the kingdom's largest lender Saudi National Bank (1180.SE) climbing 3.4%. read moreDubai's main share index (.DFMGI) was up 0.4%, led by a 1.2% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU). MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 1.55%, as the dramatic U-turn in British fiscal policy bolstered investor sentiment.

☆ Gulf bourses slide on elevated interest rate worries
▼ + stars: | 2022-09-19 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterBahraini traders are pictured in Bahrain Bourse in Manama, Bahrain, November 5, 2020. Dubai's main share index (.DFMGI) lost 0.4%, while the Abu Dhabi index (.FTFADGI) retreated 1%. In Qatar, the benchmark index (.QSI) slid 1.7% as most of the stocks on the index were in the negative territory including Qatar Islamic Bank (QISB.QA), which declined 4%. Outside the Gulf, Egypt's blue-chip index (.EGX30) rebounded 0.9% as investors traded into weakness after four consecutive days of decline tuned its stocks more attractive to buy in. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ateeq Shariff in Bengaluru; editing by Uttaresh.VOur Standards: The Thomson Reuters Trust Principles.

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