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☆ Asia's first ETF tracking Saudi equities debuts in Hong Kong
▼ + stars: | 2023-11-29 | by ( Xie Yu | ) www.reuters.com time to read: +3 min

Bull statues in front of screens showing Hong Kong stock prices outside Exchange Square, in Hong Kong, China, August 18, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsHONG KONG, Nov 29 (Reuters) - A new exchange-traded fund (ETF) tracking Saudi equities made its trading debut in Hong Kong on Wednesday, becoming the first product of its kind in Asia amid warming bilateral relations between China and Saudi Arabia. The ETF, called CSOP Saudi Arabia ETF (2830.HK), is managed by Hong Kong-based CSOP Asset Management. "Today is a milestone in our financial cooperation with Saudi Arabia," said Hong Kong Financial Secretary Paul Chan at a launch event. Through the ETF, investors in Hong Kong will be able to trade Saudi stocks including the oil giant Saudi Aramco (2222.SE) and the Saudi National Bank (1180.SE) in Hong Kong dollars or Chinese yuan.

Persons: Tyrone Siu, CSOP, Paul Chan, Yazeed, Humied, PIF, Xie Yu, Sumeet Chatterjee, Christopher Cushing Organizations: REUTERS, Saudi, Saudi Arabia ETF, HK, Management, Public Investment Fund, Hong, Hong Kong Financial, FTSE, Saudi Aramco, Saudi National Bank, Reuters, Hong Kong Stock Exchange, bourse, ETF, People's Bank of China, Saudi Central Bank, Thomson Locations: Hong Kong, Exchange, China, HONG KONG, Asia, Saudi Arabia, Saudi, FTSE Saudi Arabia, Europe, East, Africa, Beijing, Riyadh

☆ Most Gulf markets gain on rising oil prices
▼ + stars: | 2023-11-19 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

REUTERS/Christopher Pike Acquire Licensing RightsNov 19 (Reuters) - Most stock markets in the Gulf ended higher on Sunday in response to Friday's rise in oil prices, with the Saudi index rising for a fourth consecutive session. Oil prices - often a catalyst for the Gulf's financial market - jumped more than 4% on Friday, rebounding from a 4-month low, with U.S. sanctions on some Russian oil shippers lending support. Saudi Arabia's benchmark index (.TASI) gained 0.5%, with oil giant Saudi Aramco (2222.SE) gaining 0.3% and the country's biggest lender Saudi National Bank (1180.SE) advancing 1.5%. In Qatar, the index (.QSI) closed 0.2% higher, helped by a 1% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA). Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 2.1%, buoyed by a 3.8% jump in Commercial International Bank (CIB) (COMI.CA).

Persons: Joe Biden, Christopher Pike, Kristalina Georgieva, Ateeq, Alex Richardson Organizations: Dubai Financial, United Arab Emirates, REUTERS, Saudi, Saudi Aramco, Saudi National Bank, Qatar National Bank, Gulf Cooperation Council, U.S . Federal Reserve, International Bank, CIB, Egypt's, European Bank for Reconstruction, Monetary Fund, Reuters, Thomson Locations: Dubai, United Arab, Saudi, Qatar, Israel, Ateeq Shariff, Bengaluru

☆ Saudi Arabia is serious about its Jan. 1 deadline for companies to move regional headquarters to Riyadh — or lose out on government contracts
▼ + stars: | 2023-10-27 | by ( Natasha Turak | ) www.cnbc.com time to read: +4 min

The Saudi National Bank headquarters and other buildings in Riyadh. Bloomberg | Bloomberg | Getty ImagesRIYADH — Saudi Arabia is holding on to its ultimatum that foreign companies will need to base their regional headquarters in the kingdom or be barred from lucrative government contracts. In a bold surprise move back in February 2021, the Saudi government announced that it would, by 2024, cease doing business with any international companies whose regional headquarters were not based within the country. The news stunned investors and expat workers, many of whom saw the move as a shot at Dubai, the United Arab Emirates commercial capital that is home to the highest concentration of Middle East regional headquarters. Faisal Al Ibrahim, Saudi minister of economy and planning, told CNBC that the plan is still going ahead and discussed how the kingdom aims to support foreign companies with the change.

Persons: Faisal Al Ibrahim, CNBC's Dan Murphy, Al Ibrahim, that's, Prince Mohammed bin Salman, Saudi Arabia — Organizations: Saudi National Bank, Riyadh . Bloomberg, Bloomberg, Getty, United Arab Emirates, East, CNBC, Future Investment Initiative, Saudi Arabia's Public Investment Fund Locations: Riyadh ., RIYADH, Saudi Arabia, Saudi, Dubai, Riyadh

☆ China ramps up yuan internationalisation under Belt and Road Initiative
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +4 min

[1/2] A China yuan note is seen in this illustration photo May 31, 2017. And funding BRI projects has helped China revitalise the once-stalled process of yuan internationalisation. Another policy bank, the Export-Import Bank of China, signed a yuan-based loan agreement with Saudi National Bank, while Bank of China helped Egypt issue Africa's first yuan-denominated Panda bonds. Beijing also allocated an additional 80 billion yuan ($10.94 billion) to its Silk Road Fund for BRI projects. "Can you do this in a targeted way with MOUs with all BRI countries?

Persons: Thomas White, Vladimir Putin, Xi, Alicia Garcia Herrero, China revitalise, Malaysia's Maybank, Haoxin Mu, Natixis, Garcia Herrero, Samuel Shen, Tom Westbrook, Simon Cameron, Moore Organizations: REUTERS, Rights, Initiative, Forum, Asia Pacific, Natixis, China International Capital Corp, China Development Bank, BBVA, Export, Import Bank of China, Saudi National Bank, Bank of, Fund, Thomson Locations: China, Rights SHANGHAI, SINGAPORE, Beijing, Russia, Asia, U.S, Ukraine, Africa, Europe, Egypt's, BBVA Peru, Bank of China, Egypt

LONDON, Sept 21 (Reuters Breakingviews) - Barely a day goes by without an eye-catching story involving Saudi Arabia’s Public Investment Fund. A third of the fund consists of significant stakes in domestic companies like the $51 billion Saudi Telecom Company (7010.SE) and $53 billion Saudi National Bank (1180.SE). Reuters Graphics Reuters GraphicsThe PIF’s investment strategy is also racier than its more conservative peers. But the episode reinforces the impression that the PIF is a mix of venture capital, hedge fund and startup money. The most spectacular was probably handing $45 billion to SoftBank Group (9984.T) boss Masayoshi Son for his $100 billion first Vision Fund.

Persons: Kylian Mbappé, It’s, Prince Mohammed bin Salman, Yasir Al, Abu Dhabi’s Mubadala, Rumayyan, Salman bin Abdulaziz, Masayoshi Son, SWFs, Taiwan’s Foxconn, Peter Thal Larsen, Streisand Neto Organizations: Reuters, Saudi Arabia’s Public Investment Fund, Standard Chartered, Spanish telco Telefonica, Fund, Abu, Abu Dhabi Investment Authority, Global, Reuters Graphics Reuters, Saudi, Saudi Telecom Company, Saudi National Bank, Saudi Aramco, giga, Qatar Investment Authority, Singapore’s Temasek, Al, MbS, SoftBank Group, Vision, Credit Suisse, UBS, Saudi giga, Aramco, Investment, Thomson Locations: Spanish, Abu Dhabi, Riyadh, Saudi

☆ Saudi PIF-backed ADES prices IPO at top end, implying over $4 bln valuation
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Sept 20 (Reuters) - Saudi oil and gas driller ADES Holding said on Wednesday it has set the final price for its initial public offering (IPO), implying a valuation of 15.242 billion riyals ($4.06 billion) for the Saudi sovereign wealth fund-backed firm. ADES confirmed the pricing for the IPO, saying it drew nearly $76.5 billion in orders from institutional investors. Its clients include state oil giant Saudi Aramco, Kuwait Oil Company and North Oil Company in Qatar. The four banks are also bookrunners and underwriters, joined by GIB Capital, HSBC, Al Rajhi Capital and Saudi Fransi Capital. Arab National Bank, Alrajhi Bank and Saudi National Bank are the receiving agents and Lazard is independent adviser to ADES.

Persons: ADES, EFG Hermes, Goldman Sachs, Lazard, Yousef Saba, Sonia Cheema Organizations: Reuters, Saudi Exchange, Kuwait Oil Company, North Oil Company, SNB, JPMorgan, underwriters, GIB Capital, HSBC, Al, Saudi Fransi Capital, Arab National Bank, Alrajhi Bank, Saudi National Bank, Thomson Locations: DUBAI, Saudi, Khobar, ADES, East, North Africa, India, Saudi Aramco, Qatar, Al Rajhi Capital

☆ Saudi National Bank was denied taking 40% Credit Suisse stake, Blick reports
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +1 min

VIENNA, July 9 (Reuters) - Saudi National Bank wanted to increase its stake in Credit Suisse to around 40% from 9.88%, but was prevented from doing so by Swiss regulator FINMA, Blick newspaper reported on Sunday. FINMA must give its approval for a foreign investor to take a stake of more than 10% in a major Swiss bank. Credit Suisse declined to comment. FINMA and Saudi National Bank (1180.SE) were not immediately available for comment. The deal converted Saudi National Bank's stake in Credit Suisse into just 0.5% of UBS.

Persons: FINMA, Blick, Francois Murphy, Rachna Uppal, Alexander Smith Organizations: Saudi National Bank, Credit, UBS, Credit Suisse, Swiss, Saudi National, Thomson Locations: VIENNA, Credit Suisse, Swiss, Saudi, Dubai

☆ Major Gulf bourses end lower on falling oil prices
▼ + stars: | 2023-06-11 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +1 min

June 11 (Reuters) - Major stock markets in the Gulf ended lower on Sunday in response to falling oil prices and weaker-than-expected Chinese economic data. The Qatari Stock index (.QSI) dropped 0.5%, extending its losses to a second session. The index recorded a drop in all sectors with Gulf's biggest lender Qatar National Bank (QNBK.QA) falling 0.6% and Qatar International Islamic Bank (QIIB.QA) shedding 0.7%. However, the oil giant Saudi Aramco (2222.SE) and the kingdom's biggest bank Saudi National Bank (1180.SE) lost 0.3% and 0.9% respectively. Outside the Gulf, Egypt's blue-chip index (.EGX30) climbed 1.3%, extending its previous session gains.

Persons: Md Manzer Hussain, Ros Russell Organizations: Saudi, Gulf's, Qatar National Bank, Qatar International Islamic Bank, Bank Aljazira, Saudi Industrial Investment Group, Saudi Aramco, Saudi National Bank, Fawry Banking, Thomson Locations: Saudi

☆ Countdown to mega merger - how Credit Suisse wobbled and UBS rushed to rescue
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +6 min

March 19: An emergency rescue of Credit Suisse, brokered by the Swiss government, central bank and financial regulator, is announced. March 23: Switzerland's financial market regulator FINMA defends its decision to impose steep losses on Credit Suisse bondholders, calling the decision legally watertight. Separately, some holders of Credit Suisse AT1 bonds wiped out by the merger instruct lawyers to represent them for possible litigation to recover losses. April 6 - UBS CEO Ermotti tells Credit Suisse staff to stay focussed on the business, but warns of "change and hard decisions" ahead. April 15 - The Federal Reserve approves UBS's acquisition of the U.S. subsidiaries of Credit Suisse.

Persons: Greensill, FINMA, Sergio Ermotti, Axel Lehmann, Ulrich Koerner, Ermotti, John Revill, Tomasz Janowski Organizations: UBS, Credit Suisse, Suisse, U.S . Securities, Exchange Commission, SEC, Silicon Valley Bank, Swiss National Bank, Saudi National Bank, Credit, Swiss Bank Employees Association, Federal Reserve, Court, Switzerland's Social Democratic Party, Thomson Locations: ZURICH, Silicon, Swiss, Switzerland

Shareholders of Credit Suisse and UBS were not granted a vote on the deal that was sealed over one weekend in March. Officials for QIA, UBS, the Swiss finance ministry and Credit Suisse declined to comment. QIA's investment in Credit Suisse dates back to the global financial crisis of 2008. The sovereign wealth fund had increased its stake in Credit Suisse to just under 7%, only trailing largest shareholder Saudi National Bank's roughly 10% stake, according to a January filing. Among them, Middle Eastern backers which own more than 20% of Credit Suisse face the largest hit.

☆ It’s time HSBC’s top owner calms down or sells up
▼ + stars: | 2023-05-04 | by ( Una Galani | ) www.reuters.com time to read: +5 min

Sticking around as a noisy unhappy owner with an 8% stake, though, risks hurting itself, HSBC and maybe even Hong Kong. A vote on Friday at HSBC’s annual meeting will test whether Ping An has garnered much support for its stance. A second resolution from the group wants the pre-Covid dividend reinstated and paid at not less than that level each year. Chances are both resolutions will pick up some votes, the latter especially from retail shareholders who globally between them own about one-third of the bank. If any large institutional investment houses join the Chinese group, it will be a blow to HSBC boss Noel Quinn.

☆ Guest view: Why bank investors have it the hardest
▼ + stars: | 2023-04-21 | by ( Rupak Ghose | ) www.reuters.com time to read: +6 min

But what matters at least as much for shareholders is the risk of near or total wipe-out, as demonstrated by Silicon Valley Bank and Credit Suisse. No investor could have known that Credit Suisse allowed Archegos to fund its trades with insufficient cash collateral. More recently, U.S. authorities seemed to flip-flop on whether uninsured depositors at other banks would enjoy the same protection offered to Silicon Valley Bank’s customers. The upshot for bank investors is that seemingly low valuations might not be low enough. Previously, he was head of corporate strategy at UK-based brokers ICAP and NEX, and an equity research analyst at Credit Suisse focused on the financial sector.

☆ Swiss prosecutors have opened an investigation into the takeover of Credit Suisse by UBS, report says
▼ + stars: | 2023-04-02 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

Swiss prosecutors have launched a probe into the UBS takeover of rival Credit Suisse. The group said there were "numerous aspects of events around Credit Suisse" that required investigation to "identify any crimes." More were in favor of a temporary takeover of the troubled Credit Suisse, while a majority now prefer the bank to be broken up, per the FT. The bank is reportedly planning to lay off up to 30% of its workforce following its takeover of Credit Suisse that would equal tens of thousands of job losses, SonntagsZeitung first reported. Credit Suisse and UBS are both due to hold annual meetings for shareholders this week.

☆ Saudi Chairman of Credit Suisse’s Largest Investor Resigns
▼ + stars: | 2023-03-27 | by ( Summer Said | Dave Sebastian | ) www.wsj.com time to read: 1 min

DUBAI—The chairman of Credit Suisse Group AG’s largest shareholder has resigned less than two weeks after his comments set off a panic with the European lender’s shareholders that eventually led the Swiss government to engineer a takeover by rival UBS Group AG. Ammar al-Khudairy, the chairman of Saudi National Bank, is leaving for personal reasons and will be succeeded by Chief Executive Saeed Mohammed al-Ghamdi , the bank said on Monday. It didn’t say whether the resignation was tied to Mr. Khudairy’s comments on SNB’s investment in Credit Suisse.

☆ Saudi National Bank chair resigns just days after Credit Suisse comments sparked sell-off
▼ + stars: | 2023-03-27 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

The Saudi National Bank (SNB) headquarters beyond the King Abdullah Financial District Conference Center in the King Abdullah Financial District (KAFD) in Riyadh, Saudi Arabia, on Tuesday, Dec. 6, 2022. Saudi National Bank Chairman Ammar al-Khudairy resigned his post on Monday, days after his comments exacerbated the share collapse of troubled bank Credit Suisse . Al-Khudairy is stepping down "due to personal reasons," the bank said. The then-SNB chairman said the Saudi bank would not intercede "for many reasons outside the simplest reason, which is regulatory and statutory." The comments fueled investor panic, sinking Credit Suisse shares 24% during that session, despite effectively reiterating SNB's previous position that it did not intend to expand its holdings beyond its then 9.9% interest as Credit Suisse's largest shareholder.

☆ Saudi National Bank appoints Al Ghamdi as chairman
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

DUBAI, March 27 (Reuters) - Saudi National Bank Chief Executive Saeed Mohammed Al Ghamdi has been appointed as the bank's chairman after the resignation of Abdul Wahed Al Khudairy for personal reasons, it said on Monday. The bank's board also appointed Talal Ahmed Al Khereiji as acting CEO, with all changes effective March 27. The changes come nearly two weeks after Al Khudairy told Reuters the kingdom's biggest bank by assets would not buy more shares in Credit Suisse (CSGN.S) on regulatory grounds, which sent the Swiss bank's shares to record lows. Saudi National Bank, which acquired almost 9.9% of Credit Suisse for 5.5 billion riyals ($1.46 billion) last November, was sitting on a loss of about 80% on its investment last week in the wake of a forced takeover of the Swiss bank by its domestic rival UBS (UBSG.S) for $3.2 billion. Reporting by Hadeel Al Sayegh Editing by Sherry Jacob-Phillips and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi National Bank chairman resigns after Credit Suisse debacle
▼ + stars: | 2023-03-27 | 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 resigns after Credit Suisse debacleCNBC's Hadley Gamble reports on the resignation of Ammar Al Khudairy, chairman of Credit Suisse's largest shareholder Saudi National Bank.

☆ Saudi National Bank chair resigns after Credit Suisse comments
▼ + stars: | 2023-03-27 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

Ammar Al Khudairy had resigned “due to personal reasons” and would be replaced by CEO Saeed Mohammad Al Ghamdi, Saudi National Bank said in a statement Monday. During an interview with Bloomberg TV on March 15, Al Khudairy ruled out increasing the bank’s stake in Credit Suisse. That was in response to a question on whether Saudi National Bank was open to further equity injections into Credit Suisse if there was a call for additional funds. Saudi National Bank, which is 37%-owned by Saudi Arabia’s sovereign wealth fund, acquired a 9.9% stake in Credit Suisse in October for $1.5 billion, making it an anchor investor in the bank’s turnaround plan. Had the bank increased its shareholding in Credit Suisse beyond the 9.9% level, it would have been subjected to additional regulatory obligations.

☆ Credit Suisse investor’s exit will zip some lips
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 27 (Reuters Breakingviews) - The fate of Saudi National Bank’s (1180.SE) chairman may persuade other investors to maintain radio silence for a while. Asked by a television interviewer whether Saudi National Bank would invest more money into Credit Suisse, Al Khudairy replied “absolutely not”. Although SNB lost more than $1 billion on its Credit Suisse investment, Gulf investors are unlikely to stop investing in banks globally. Indeed, the Saudi bank was part of an investor group that proposed injecting around $5 billion into Credit Suisse as an alternative to the UBS deal, the Wall Street Journal reported. But big bank investors may avoid appearing on live television for a while.

☆ The Swiss claim the U.S. banking crisis ultimately toppled Credit Suisse. But are they right?
▼ + stars: | 2023-03-24 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Pascal Mora | Bloomberg | Getty Imageswatch nowHowever, the downward spiral of Credit Suisse's share price and mounting asset outflows were underway long before the collapse of Silicon Valley Bank earlier this month. Swiss regulator FINMA has come under fire for allowing the situation to deteriorate as the bank spent years mired in losses and scandal. Mark Yallop, chairman of the U.K.'s Financial Markets Standards Board and former U.K. CEO at UBS, told CNBC on Tuesday that he agreed with the broad assessment that Credit Suisse's downfall was "idiosyncratic." "It's unfortunate that the problems with some of the smaller U.S. banks in the last two or three weeks happened at the same time as this issue with Credit Suisse but the two are completely different and very largely unrelated," he said. By contrast, the Swiss banking and regulatory system has come under fire.

☆ Swiss central bank hikes interest rates by 50 basis points despite Credit Suisse turmoil
▼ + stars: | 2023-03-23 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

The Swiss national flag hangs from the Federal Palace, Switzerland's parliament building, in Bern, Switzerland, on Thursday, Dec. 13, 2018. Photographer: Stefan Wermuth/Bloomberg via Getty ImagesThe Swiss National Bank raised its benchmark interest rate by 50 basis points Thursday, taking it to 1.5%. The Swiss National Bank had hinted there could be further rate hikes on the horizon if inflationary pressures continued. The Swiss National Bank has been in the global spotlight in the last week after it agreed to lend embattled lender Credit Suisse up to 50 billion Swiss francs ($53.68 billion). Shares of the lender had plummeted on news that its biggest investor, Saudi National Bank, would not provide further financial assistance.

[1/2] The logo of the Swiss bank Credit Suisse is seen in Zurich, Switzerland March 20, 2023. While the nation's central bank and financial regulator publicly declared that Credit Suisse was sound, behind closed doors the race was on to rescue the nation's second-biggest bank. The Swiss National Bank declined to comment while the finance ministry did not respond to a request for comment. Battered by years of scandals and losses, Credit Suisse for months had been battling a crisis of confidence of its own making. By Wednesday, two days later, Credit Suisse was swept up in a full-blown crisis.

DUBAI—Riding an oil-price boom last year, Saudi Crown Prince Mohammed bin Salman directed government-backed Saudi National Bank to make a $1.5 billion investment in Credit Suisse Group AG that his financial advisers harbored doubts about, according to people familiar with the matter. Now, the Saudi investment is almost wiped out after Credit Suisse’s emergency merger with UBS Group AG. Credit Suisse’s meltdown also erased billions of dollars in investments made by Qatar’s sovereign fund and the Saudi-based Olayan family, making the Persian Gulf one of the biggest losers from a slide in financial stocks since the collapse of two U.S. banks last week.

☆ Saudi is far from the last Western bank bagholder
▼ + stars: | 2023-03-21 | by ( George Hay | ) www.reuters.com time to read: +5 min

LONDON, March 21 (Reuters Breakingviews) - Saudi Arabia has joined the Western bank bagholder club. The bank only made its play in November, when client money was already flowing out of Credit Suisse. Saudi National Bank bought 307.6 million Credit Suisse shares for 3.82 Swiss francs ($4.11) per share. The UBS offer of 3 billion Swiss francs ($3.23 billion) values Credit Suisse shares at 0.76 francs each, more than 80% lower than the price paid by the Saudi bank. Saudi National Bank's statement added that the potential impact to its capital adequacy ratio is about 35 basis points, with no impact on profitability.

☆ Everything you need to know about UBS's historic $3 billion deal to rescue rival bank Credit Suisse
▼ + stars: | 2023-03-21 | by ( George Glover | ) www.businessinsider.com time to read: +6 min

UBS agreed to buy its longtime rival Credit Suisse for $3 billion on Sunday. There's one big winner — and lots of losers — from the Credit Suisse rescue deal. The deal announced Sunday afternoon valued Credit Suisse shares at just 0.76 Swiss francs, one-fifth of the price the Saudi National Bank paid. Lastly, the merger between UBS and Credit Suisse could be bad news for the Fed. Here's how the Credit Suisse rescue deal impacts the central bank.

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