Credit Suisse’s top investor Harris Associates discloses 10% stake

Credit Suisse’s top investor Harris Associates discloses 10% stake

Credit Suisse’s (CSGN.S) top shareholder Harris Associates on Wednesday disclosed a stake of more than 10% in the Swiss bank.

The investment firm said in a filing that it owned 266 million shares, or a 10.1% stake, in the company as of end-July.

Harris Associates previously held a stake of around 5.2%, according to Credit Suisse’s website. The bank’s second-largest shareholder is Qatar Holding – a unit of the Qatari sovereign wealth fund – with a stake of about 5% as of Nov. 17. (https://bit.ly/3PfMWmA)

Credit Suisse is in the middle of what it has described as a “transition” year with a new CEO, restructuring aimed at curtailing risk-taking in investment banking and the bulking up of wealth management. Its shares have declined nearly 40% in 2022.

The company last month launched its second strategic review in less than a year to evaluate options for its securitised products business to attract third-party capital.

In May, when Reuters first reported about the strategic review, David Herro of Harris Associates said in an interview that there was no need for the bank to raise fresh equity capital.

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