Investment company Harris Associates, the largest and oldest shareholder of Swiss bank Credit Suisse, has divested 10% of its stake in the organization. In this respect writer The Financial Times (FT) cites David Herro, Harris’ Vice President and Chief Investment Officer.
The publication noted that the share sale took place against the backdrop of Credit Suisse’s record losses, followed by a sharp customer exit. As a result, Harris Associates lost patience with the bank’s strategy, which stated that all problems would be resolved. However, this explanation did not satisfy investors.
According to the newspaper, the shareholder began selling shares in October 2022. Qatar Investment Authority ranks second among the bank’s largest shareholders with a 7% share.
February 12 newspaper Le Temps WroteThe largest holding, Credit Suisse, froze Russian assets for 17.6 billion Swiss francs (more than $ 19 billion), Le Temps newspaper reported. As the newspaper noted, officially the Swiss authorities froze 7.5 billion francs as sanctions against Moscow.
Earlier, the European Union’s (EU) legal service confirmed that it did not know where 86 percent of the Russian Central Bank’s $258 billion “frozen” assets were located.