Saudi 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.
The Saudi lender, the kingdom's largest by assets, acquired almost 9.9% of Credit Suisse for 5.5 billion riyals last November and is theSaudi National Bank bought 307.6 million Credit Suisse shares for 3.82 Swiss francs per share. The UBS offer of 3 billion Swiss francs values Credit Suisse shares at 0.76 francs each, more than 80% lower than the price paid by the Saudi bank.
"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.
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