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The Saudi National Bank announces an update with regard to its investment in Credit Suisse Group
| Element List | Explanation |
|---|---|
| Announcement Detail | In light of the recent market announcement with regards to Credit Suisse, the Saudi National Bank (SNB) would like to provide a brief update. In November 2022 SNB made its SAR 5.5 billion, or 9.88%, investment in Credit Suisse as part of a capital raising exercise by Credit Suisse, and as a financial investment allocation within SNB’s investments portfolio. In relation to this investment, SNB would like to disclose the following as per December 2022 figures and the previously published 2023 Guidance: • As at December 2022, SNB’s investment in Credit Suisse constituted less than 0.5% of SNB’s total Assets, and c. 1.7% of SNB’s investments portfolio. • From a regulatory capital perspective, the impact on SNB’s Capital Adequacy Ratio from the Mark-to-Market decline in Credit Suisse was c. 15 basis points as of December 2022, with nil impact on profitability. In the light of the recent market announcement, the potential impact to SNB’s Capital Adequacy Ratio is c. 35 basis points, with nil impact on profitability. • Changes in the valuation of SNB’s investment in Credit Suisse have no impact on SNB’s growth plans and forward looking 2023 guidance. The Saudi National Bank’s total assets exceed SAR 945 billion. SNB remains comfortably above all prudential thresholds and continues to enjoy healthy capitalization and liquidity. SNB remains focused on its core strategy of growth in Saudi Arabia, which is among the fastest growing countries within the G20. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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Last Price 36.95
Net Change 0.0 (0.0%)
Value Traded (Sar) 158,746,582.6
Volume Traded 4,257,689
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