November 29, 2023

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Saudi Nationwide Financial institution to carry 0.5% of UBS after Credit score Suisse merger

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Reporting first-quarter outcomes that beat estimates on Monday, Saudi Nationwide Financial institution stated its funding of 1.4 billion francs ($1.6 billion) in Credit score Suisse had declined by roughly 20 per cent by the top of 2022 after which an extra 70 per cent throughout the first three months of this yr. The carrying worth of the funding on the finish of March was 1.3 billion riyals ($346.6 million), it stated.

Nonetheless, there was “no earnings assertion influence” because the financial institution had made an “irrevocable election, as permitted by the accounting requirements, to current subsequent modifications within the truthful worth of the Credit score Suisse funding by different complete earnings”, it stated.

UBS agreed to take over Credit score Suisse in March after its rival was pushed near collapse by shopper withdrawals and a dramatic share-price decline, capping years of scandals and losses.

Saudi Nationwide Financial institution’s former chairman Ammar Al Khudairy resigned simply days after his feedback to Bloomberg TV helped set off the stoop within the inventory and bonds that prompted the Swiss authorities to step in and organize the takeover.

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