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22 May 2024

Qatar buys shares in Credit Suisse

By Agencies



Qatar has bought shares in Credit Suisse, and plans to spend as much as $15 billion (Dh55bn) on European and US bank stocks during the next 12 months, Bloomberg News reported, citing the Qatari prime minister.

"We have a relation with Credit Suisse and we bought some of the stock from the market, actually, but I cannot say what percentage because still we are in the process," Bloomberg quoted Sheikh Hamad bin Jassim bin Jabr Al Thani as saying. It did not give more details.

A spokesman for Credit Suisse declined to comment on the report.

Sheikh Hamad is also head of the state's Qatar Investment Authority. John El Khair, adviser at the QIA, could not immediately be reached for comment.

Under Swiss stock exchange rules, companies are required to disclose the identity of any shareholder holding a stake of more than 3 per cent.

The agency also quoted Sheikh Hamad as saying Qatar is creating $1 billion funds in Finland and Malaysia similar to the fund the Qatar Investment Authority announced in December that it was starting with Indonesia.

"We did this with some Europeans like Finland," he said. "We are doing a billion-dollar fund with them. And we will do with Malaysia." The Malaysian fund "will be around a billion," he said. (Reuters)