Saudi investors lose billions in Credit Suisse crisis

Saudi Arabian investors in Credit Suisse have lost billions of dollars following the banking giant’s meltdown last week, leading to fears of an imminent global banking crisis.

The Saudi National Bank (SNB), which is Credit Suisse’s top shareholder, has had its US$ 1.5 billion investment almost wiped out, while the Saudi-based Olayan family also suffered huge losses.

Credit Suisse, which has been struggling for months, sought help from the Swiss government this week. An emergency deal was eventually brokered on Sunday to secure the bank’s future and prevent more chaos in the markets.

(***)