The Qatar Investment Authority (QIA), Qatar’s sovereign wealth fund, has trimmed its direct shareholding in Swiss private bank Credit Suisse to 4.94% from 5.01%.

Altogether, Qatar’s stake in the private bank has now been diluted from the 17.98% reported in June to 15.91%, which includes 10.97% in convertible bonds.

During the height of the financial crisis, Qatar pumped billions into the bank to help it prevent a state bailout. The aide was structured as convertible bonds, also known as CoCos, that has the capability to convert into equity if the bank’s core capital ratio drops below a specific level.

The latest move comes as Credit Suisse raised CHF4.1bn ($4.3bn) from investors in a rights issue to support the turnaround strategy of CEO Tidjane Thiam. The funding is expected to increase the bank’s common equity tier 1 (CET1) ratio to 13.4%.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.