Saudi is far from the last Western bank bagholder gfhay
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Walmart gets early credit in India to offer creditThe US retailer’s payments app, PhonePe, is raising funds at a $12 bln valuation, or 25 times forecast sales, sixfold rival Paytm's multiple. A dominant market share is a factor, but the premium rests on expectations that PhonePe will secure a coveted lending license.
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Saudi National Bank loses over $1 billion on Credit Suisse investmentCredit Suisse's largest shareholder confirmed to CNBC that it had suffered a loss of around 80% on its investment.
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Saudi National Bank strategy unaffected by hit to Credit Suisse investmentSaudi National Bank's growth strategy will be unaffected by the reduced valuation on its investment in Credit Suisse , it said on Monday after the Swiss bank's takeover deal with domestic rival UBS on Sunday.
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Credit Suisse Collapse Burns Saudi InvestorsSaudi Crown Prince Mohammed bin Salman last year directed government-backed Saudi National Bank to make a $1.5 billion investment in Credit Suisse that his financial advisers harbored doubts about.
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Breakingviews - Saudi is far from the last Western bank bagholderSaudi Arabia has joined the Western bank bagholder club. Saudi National Bank (SNB), 37% owned by the kingdom’s $600 billion Public Investment Fund, admitted on Monday that its $1.4 billion swoop for 10% of Credit Suisse had gone sour after the latter collapsed into the arms of UBS . The good news for SNB Chairman Ammar Al Khudairy is that his $1 billion-plus loss is neither the first nor the last time an eastern investor will take a big bath on a U.S. or European financial group.
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