Qatar’s sovereign wealth fund Qatar Investment Authority (QIA) has raised its stake in Credit Suisse Group to 6.87%.
The move allows QIA to become the second biggest shareholder in the troubled Swiss private bank after Saudi National Bank, according to Reuters.
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As part of the new investment, QIA purchased 139.03 million shares in Credit Suisse, increasing its shares in the bank to 272.25 million in total.
Previously, QIA held a 5.57% stake in the troubled bank.
Representatives from both the firms refused to give any details on the development, added the publication.
Earlier this month, Harris Associates, one of the largest shareholders of Credit Suisse, reduced its stake in the bank by nearly half to 5%.
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By GlobalDataCurrently, Saudi National Bank owns approximately 10% stake in Credit Suisse after participating in the bank’s $4.3bn capital raise that commenced in October last year and subsequently becoming an anchor investor in the bank.
Another Saudi Arabian firm Olayan Group holds nearly 3% stake in the Swiss bank.
The three entities, including Saudi National Bank, QIA and Olayan Group, own around 20% shares in Credit Suisse.
Last month, The Wall Street Journal reported that Saudi Arabia’s crown prince Mohammed bin Salman could invest around $500m in Credit Suisse’s new investment banking spinoff, CS First Boston.
A host of other firms, such as Atlas Merchant Capital, were also reportedly in fray to make investments in the spinoff.
