RIYADH: Qatar Investment Authority’s (QIA) stake in Credit Suisse will increase to 6 percent when two securities it subscribed to convert into shares later this year, Al Arabiya reported citing a regulatory disclosure.
Data from the US Securities and Exchange Commission shows QIA was among investors who participated in Credit Suisse’s capital increase in April, when the Swiss bank issued mandatory convertible bonds.
QIA owns 128 million Credit Suisse shares, equivalent to a 4.84 percent stake in the lender, according to bourse data, yet that number rises to 6.01 percent when the convertible assets are taken into account, according to the new filing.
The state-owned sovereign wealth fund cut its stake in Credit Suisse Group AG to below 5 percent, after one of the most turbulent years since the global financial crisis, Bloomberg reported last week.
Credit Suisse shares were trading at 9.61 Swiss francs ($10.41) today, giving QIA’s stake a value of $1.65 billion.
