#Saudi National Bank strategy unaffected by hit to Credit Suisse investment | Reuters

Saudi National Bank strategy unaffected by hit to Credit Suisse investment | Reuters

Saudi National Bank <1180.SE>, the largest shareholder in Credit Suisse (CSGN.S), said on Monday its strategy will be unaffected by reduced valuation on its investment in the Swiss bank after its takeover by rival UBS (UBSG.S).

The Saudi lender, the kingdom's largest by assets, acquired almost 9.9% of Credit Suisse for 5.5 billion riyals ($1.46 billion) last November, but is now sitting on a loss of roughly $1.17 billion on its investment, Reuters calculations showed.

"Changes in the valuation of SNB's investment in Credit Suisse have no impact on SNB's growth plans and forward-looking 2023 guidance," Saudi National Bank said in a bourse filing on Monday.

The investment in Credit Suisse formed less than 0.5% of the Saudi lender's total assets of more than 945 billion riyals as of last December, and there is no expected impact on profitability, the statement said.

Swiss authorities had announced on Sunday that UBS would acquire its rival for $3.23 billion as part of a wider state-backed rescue plan.