Credit Suisse shares are a 'steal,' say new Saudi backers after taking 9.9% stake
In this article CSG.N-CH NBHC Follow your favorite stocks CREATE FREE ACCOUNT watch now VIDEO 2:26 02:26 Saudi National Bank chairman calls on Credit Suisse management 'not to blink' on overhaul Capital Connection The chairman of one of Credit Suisse's newest and biggest shareholders called on the beleaguered bank to deliver a swift overhaul and return to a "very stable, conservative Swiss banking posture." Saudi National Bank, the kingdom's largest lender and majority-owned by the Saudi government, announced Wednesday that it was investing up to $1.5 billion in Credit Suisse — representing a stake of up to 9.9%. "We got it at the floor price. I think the bank has been battered," Ammar Alkhudairy told CNBC's Hadley Gamble on Sunday. "It's trading at less than a quarter of book value, of tangible book value, which is, which is a steal. And it's 160-year-old brand, the brand has a lot of value." The bank is reportedly set ...