Credit Suisse Raises $6.1 Billion From Arabian Investors

Monday, 14 Feb 2011 07:31 AM

 

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Swiss bank Credit Suisse Group says it is raising some $6.1 billion from Arabian investors to satisfy new capitalization rules.

Credit Suisse says it is issuing contingent capital notes worth $3.5 billion to Qatar Holding LLC and notes worth 2.5 billion Swiss francs ($2.57 billion) to Saudi Arabia's The Olayan Group.

The Zurich-based bank says the move would satisfy emergency capital requirements proposed by Swiss regulators.

It said Monday the notes can be redeemed after Oct. 2013.
Qatar's sovereign wealth fund already holds more than 6 percent of Credit Suisse's shares.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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