Saudi investor Olayan’s Credit Suisse holding rises to 10.72%

Zurich: Saudi Arabian conglomerate Olayan Group has increased its holdings in Credit Suisse

to 10.72 per cent including options, the Swiss bank said on Friday.

“In a disclosure report dated September 14, 2016, Credit Suisse Group AG was notified that as at September 12, 2016, Olayan Group held 10.72 per cent of the voting rights entered in the Commercial Register [5.41 per cent shares; 5.31 per cent purchase rights],” Credit Suisse said on its website.

In a disclosure on June 9 from the Swiss stock exchange, Olayan’s holdings amounted to 10.15 per cent.

Last month, US asset manager Capital Group Companies also increased its holdings in Zurich-based Credit Suisse to 5.05 per cent from 3.014 per cent.

Shares in Credit Suisse, Switzerland’s second-biggest bank, are down around 42 per cent in 2016.

The bank is undergoing a major restructure under Chief Executive Tidjane Thiam, who is refocusing the business towards wealth management while shrinking Credit Suisse’s investment bank.