This emerges from a mandatory report published Wednesday on the Swiss stock exchange SIX. In the summer of 2022, Harris Associates increased its own stake in the large Swiss bank to just over 10 percent.
In October, the US company, owned by the French Natixis Group, openly supported the major bank’s restructuring plans, which included cost savings and downsizing of the investment bank, as well as raising capital.
In the report sent to the Swiss stock exchange, it was stated that the reason for the new decrease in participation was the sale of shares. In December 2022, Harris Associates of the Swiss Stock Exchange announced that its stock had dropped to almost 3.7 percent, compared to 6.2 percent earlier – but capitalization at the time was cited as the trigger.
In addition to the investment manager’s own stock, shares in Harris Associates Investment Trust have been shown separately for years, but these are apparently shares that the US company manages for its own funds. However, according to a related report, Harris Associates Investment Trust’s participation during the capital raise fell below the reportable 3 percent in December.
Harris has held a substantial stake in Credit Suisse for almost 10 years. In November 2013, the company announced for the first time that it owns just over 5 percent of the major bank. In particular, Harris investment boss David Herro has frequently commented on the processes of the big bank in crisis. But in the spring of 2022, after the events surrounding former CEO Tidjane Thiam, he admitted that Harris had to sell the shares.
The US investment company has suffered serious price losses in its stock in CS in recent years. In November 2013 the CS share was still around 22 francs. On Tuesday (yesterday) the newspaper of the big bank closed at CHF 3.06.
Since the most recent capital increase, Credit Suisse’s largest shareholder has been the Saudi National Bank, which reports a 9.88 percent stake in the major bank. Other major shareholders are Qatar Investment Authority (5.03 percent), Saudi Olayan Group (5.0 percent) and US investment firm Blackrock (4.96 percent).
(SDA)