The new Credit Suisse: “Solid as the Swiss mountains”, the country’s second-largest financial institution, this is how it should be in the future global banking environment. There was pride in Axel Lehmann’s (63) voice when the CS chairman announced the bank’s radical restructuring to the media at the end of October. However, these rocks are more and more likely to be built on desert sand.
CS needs a lot of fresh capital to fund the recovery plan. A significant portion of it is said to come from Saudi Arabia. That’s because 1.5 billion for the four billion Swiss francs capital increase announced will come from the Saudi National Bank, a financial institution controlled solely by the Saudi royal family that could hold almost ten percent of the stake in Credit Suisse in the future.
Credit Suisse’s Extraordinary General Assembly will be held next Wednesday. Shareholders will approve the increase of CHF 4 billion as new capital. Including the controversial financial injection from Saudi Arabia.
Shareholder representative stressed
As the “SonntagsZeitung” reported, no critical questions will be allowed in the virtual General Assembly. Shocking for Vincent Kaufmann of Ethos shareholder representation, calling the General Assembly a “joke”. He wants to ask questions about potential conflicts of interest in CS.
Kaufmann was surprised that CS wanted to force the restructuring without shareholders asking any questions. Ethos denies Saudi entry. (no)
Nicholas Imfeld
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
