Qatar Investment Authority Holding in Credit Suisse to Rebound

The Qatar Investment Authority’s stake in Credit Suisse Group AG is set to rebound after it subscribed to two convertible bonds, taking its holding to over 6%

Earlier this week, the Gulf nation cut its existing holding of 133 million shares to about 128 million shares or 4.8% of Credit Suisse. However, subscription to notes that convert to shares in November grants rights to another 1.168% stake, or an approximate 31 million in shares, according to a regulatory filing.

The Swiss lender raised $2 billion earlier this year from investors through the sale of the notes, in an effort to alleviate any concerns after the firm was hit by a pair of scandals that left it the worst-performing major bank stock in Europe.

Credit Suisse has been hit this year by the blow-ups of Archegos Capital Management and Greensill Capital, which caused billions of dollars in losses and further dents to its reputation.

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