12/5/2022, 12:45 AM (Source: TeleTrader)
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MbS to invest in Credit Suisse spinoff - report

Saudi Arabia's Crown Prince Mohammed bin Salman plans to invest around $500 million in Credit Suisse's spinoff CS First Boston, the Wall Street Journal reported. Sources stated that the bank has not yet received a formal proposal from the prince and that it has other backers, including Atlas Merchant Capital.

The report said it is currently unclear whether Bin Salman will invest via the Saudi National Bank, which is set to be Credit Suisse's biggest shareholder with a 9.9% stake. The Swiss bank announced in October it will spin off First Boston after originally acquiring it in 1988 and integrating it in 2006.

Baha Breaking News (BBN) / DJ