SNB commits to investing SR5.7 bln in Credit Suisse, to become a maximum shareholder of 9.9%

Saudi National Bank (SNB) announced that it has committed to participate in the capital raising exercise (the Capital Raise) announced by Credit Suisse Group AG (CSGN.SW) (Credit Suisse), Thursday, 27 October 2022, Credit Suisse aims, by the Capital Raise, to assist with the future growth and transformation of their business. Following the Capital Raise, Saudi National Bank also intends to explore certain strategic partnerships with Credit Suisse in complementary geographies and businesses.
Pursuant to the Capital Raise, Saudi National Bank has committed to invest up to CHF1.5 billion (equivalent to SR 5.7 billion) in Credit Suisse to achieve a shareholding of up to 9.9% by:
• Participating in the private placement of non-premptive shares by Credit Suisse (the Private Placement), and
• Following completion of the private placement and in its capacity as shareholder of Credit Suisse, participating in the subsequent rights offering by Credit Suisse (the rights offering) by taking up all of its statutory preferential subscription rights in the rights offering.
The Capital Raise is subject to customary terms and conditions, including the approval of the Capital Raise by shareholders of Credit Suisse at its extraordinary general meeting.
Saudi National Bank may also participate in a future capital raising exercise by Credit Suisse which aims to support the establishment of an independent investment bank focused on advisory and capital markets activities.
The purpose of this investment and strategic partnership for Saudi National Bank is to allow it to develop its businesses in Asset Management, Wealth Management and Investment Banking in Saudi Arabia and the region and to provide its customers with best in class services, products and capabilities to meet their financial needs.
Further announcements will be made as and when appropriate and as required under applicable laws and regulations.