Submitted by Particular-Wedding t3_11xrnwe in wallstreetbets
The Saudi National Bank confirmed to CNBC on Monday that it had been hit with a loss of around 80% on its investment in Credit Suisse.
" Saudi National Bank Chairman Ammar Al Khudairy on Wednesday was asked by Bloomberg if it would increase its stake in the troubled Swiss lender. His reply was “absolutely not, for many reasons outside the simplest reason, which is regulatory and statutory.”
The comment triggered investor panic and sent Credit Suisse shares down 24% during that session, although the statement wasn’t in fact new; the Saudi bank said in October that it had no plans to expand its holdings beyond the current 9.9%.
“Even though the situation at Credit Suisse was not perfect and investors had a lot of question marks about the future of the bank, SNB didn’t help calm down investors and shot themselves in the foot” with the chairman’s comments, one UAE-based investment banker, who requested not to be named due to professional restrictions, told CNBC."
The Saudis' combined losses stem from a combination of holdings in shares and bonds. Despite their losses, the Saudis have confirmed they have diamond hands and their investment strategy has remained unchanged.
EDIT - The Saudis only made their investment in November 2022.