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Credit Suisse's Investment Bank Piques Saudi Crown Prince's Interest - WSJ

Charlie Brooks

Dec 05, 2022 12:00

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The Wall Street Journal claimed on Sunday that Saudi Arabia's crown prince and a U.S. private-equity company run by a former Barclays (LON:BARC) CEO were interested in investing at least $1 billion in Credit Suisse's new investment banking business.


According to a rumor, Crown Prince Mohammed bin Salman is considering an investment of $500 million to assist the new subsidiary of CS First Boston (CSFB) and its CEO-designate Michael Klein. A Saudi business has not yet submitted a formal proposal to the bank.


According to a story citing informed sources, additional money could come from U.S. investors such as former Barclays CEO Bob Diamond's Atlas (NYSE:ATCO) Merchant Capital.


Credit Suisse did not immediately reply to a request for comment.


In an effort to reinvigorate a struggling business, Credit Suisse said in October that it will restructure its investment bank by restoring the First Boston moniker. CSFB was led by a member of the bank's board of directors.


Saudi National Bank (SNB), which is controlled by the Saudi Arabian government, had previously pledged to invest up to 1.5 billion Swiss francs ($1.60 billion) in Credit Suisse for a stake of up to 9.9%, and indicated that it may support the standalone CSFB, which will operate as an independent capital markets and advisory bank with headquarters in New York.


Since 1978, when they joined together to operate on the London bond market, Credit Suisse and the First Boston brand have maintained a relationship. Later, they combined to form CS First Boston, but regulatory issues and the departure of renowned bankers led to a difficult era.


Several bankers and investors have expressed concern regarding the ability of a sinking market to regain its former glory.

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