(Bloomberg) — Saudi Arabia’s Crown Prince Mohammed bin Salman is preparing to invest in Credit Suisse Group AG’s investment bank, the Wall Street Journal reported.
Most Read from Bloomberg
China’s Covid Pivot Accelerates as Cities Ease Testing Rules
OPEC+ Pauses as Russia Sanctions and China Covid Rules Roil Crude Markets
OPEC+ Latest: Group Agrees to Keep Oil Production Unchanged
Elon Musk Says Apple Is ‘Fully’ Advertising on Twitter Again
This Stock Strategist Says We’ll See 5% Inflation for the Next Decade
Prince Mohammed may invest around $500 million in the lender’s CS First Boston spinout, the newspaper said, citing people with knowledge of the matter. Other investors could include former Barclays Plc chief executive Bob Diamond’s Atlas Merchant Capital, according to the report.
Credit Suisse Chairman Axel Lehmann said last week that the bank has received several further commitments from investors for its planned First Boston investment bank spinout.
Prince Mohammed has been encouraging Saudi Arabia’s largest firms to expand globally, raise the country’s profile as a serious investor and diversify its economy. The kingdom is already backing Credit Suisse, with Saudi National Bank taking a 9.9% stake in the troubled Swiss lender.
Most Read from Bloomberg Businessweek
11 Hours With Sam Bankman-Fried: Inside the Bahamian Penthouse After FTX’s Fall
TikTok’s Viral Challenges Keep Luring Young Kids to Their Deaths
Can Duolingo Actually Teach You Spanish?
Ryanair, EasyJet Scale Back in Germany Over Airport Fees
Forget Zoom Calls, Remote Work Startups Want to Build a Virtual Office
©2022 Bloomberg L.P.
