Credit Suisse has approached sovereign wealth funds for a capital injection

Credit Suisse has approached sovereign wealth funds for a capital injection

Swiss credit

The Swiss bank is currently working on another corporate restructuring.

(Photo: dpa)

New York According to an insider, Credit Suisse has approached at least one sovereign wealth fund from the Middle East for a capital injection. The person familiar with the matter did not comment on the possible size and other details to the Reuters news agency. Analysts estimate the bank could need up to 9 billion Swiss francs (9.2 billion euros), part of which could come from investors. Credit Suisse declined to comment and referred to the presentation of the new strategy in the coming week.

The crisis-ridden bank is currently working on another group restructuring, which, according to the company, will involve a downsizing of investment banking. The bank intends to present the results of the strategy review, which insiders say will also cost numerous jobs, together with the figures for the third quarter on October 27th.

Bloomberg news agency reported Monday that sovereign wealth funds in Abu Dhabi and Saudi Arabia are considering investing in the investment bank and other businesses of Credit Suisse. They would take advantage of low valuations to invest, Bloomberg reported. No comment was initially available from the state funds.

Qatar’s sovereign wealth fund, the Qatar Investment Authority, is one of Credit Suisse’s largest investors. QIA declined to comment.

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