Saudi National Bank to participate in capital raising exercise by, and to explore strategic partnerships with, Credit Suisse Group

On October 27, 2022, Saudi National Bank (SNB) has announced that it has committed to participate in the capital raising exercise (Capital Raise) announced by Credit Suisse Group AG (Credit Suisse) to assist with the future growth of their business. Following the Capital Raise, Saudi National Bank also intends to explore certain strategic partnerships with Credit Suisse in complementary geographies and businesses. Pursuant to the Capital Raise, Saudi National Bank has committed to invest up to CHF1.5 billion in Credit Suisse to achieve a shareholding of up to 9.9%.

Lenz & Staehelin advises Saudi National Bank in this transaction. The team includes Tino Gaberthüel (Corporate), Patrick Schleiffer and Patrick Schärli (both Capital Markets, Regulatory) as well as Astrid Waser (Competition) and Pascal Hinny (Tax).