- The QIA now hold a below five-percent stake in the Swiss bank
- Earlier it held about 133 million shares, making it the bank’s biggest shareholder
In yet another crushing blow to the standing of Credit Suisse, the Qatar Investment Authority (QIA) has lowered its stake in the bank to below 5 percent, after one of the most turbulent years since the global financial crisis.
QIA holds 4.8 percent in Credit Suisse, or about 128 million shares, according to a filing with the Securities and Exchange Commission on Wednesday. The QIA had previously held about 133 million shares, making it the Swiss bank’s biggest shareholder, according to Bloomberg data.
The stake reduction means that QIA may no longer be the Swiss bank’s largest shareholder. Harris Associates has a holding of about 133 million shares, the data show.
Credit Suisse has been hit this year by the blow-ups of Archegos Capital Management and Greensill Capital. The two scandals caused billions of dollars in losses and further dents to its reputation, Bloomberg said.