Credit Suisse loses its longest standing shareholder

🚩At the beginning of the week, Credit Suisse is back on the front page after its longest-standing shareholder (Harris Associate), who a few months ago was the largest shareholder of the Swiss bank, decided to sell his remaining stake.

🚩Harris Associate was Credit Suisse’s most loyal shareholder, having been with the Swiss bank for some 20 years and having even maintained its positions after scandals such as Archegos. Everything changed when last year the Swiss bank (after suffering the flight of many investors) carried out a capital increase of 4 billion Swiss francs. In response to this news, Harris Associate halved its stake and brought in the National Bank of Saudi Arabia, positioning itself as the new largest shareholder.

🚩After a few months in which Credit Suisse had set about restructuring its business (with the aim of selling the investment banking business) and its ongoing capital flight, Harris Associate confirmed this week that it has liquidated all its positions in the Swiss bank. This news has once again punished Credit Suisse, as since the news was made official, the stock has lost almost 5% of its value on the stock market and increases the fragility of one of the banks with the largest global presence.

Source: Investing