Staff of Reuters 2 minutes Read FILE PHOTO: On June 22, 2020, the Swiss bank Credit Suisse’s logo is visible at its headquarters in Zurich, Switzerland. REUTERS/File Photo/Arnd Wiegmann DUBAI, United Arab Emirates (Reuters) – According to a regulatory filing, the Qatar Investment Authority (QIA) has increased its position in Credit Suisse to 6%, greater than previously believed, after subscribing to two convertible notes that will be converted into shares later this year. The Qatari fund was among the investors who subscribed to Credit Suisse’s capital raise in April, when the Swiss lender issued obligatory convertible notes, according to a new filing with the US Securities and Exchange Commission. According to the new filing, QIA’s ownership in the company remains at 4.84 percent, but when the convertibles are factored in, the share jumps to 6.01 percent. The required convertible notes will be converted at six months’ maturity, according to Credit Suisse, although they may be converted sooner if certain events occur. After losing more than $5 billion due to the bankruptcy of family office Archegos and the suspension of funds linked to Greensill, Credit Suisse has raised capital, frozen share buybacks, slashed its dividend, and restructured management. Saeed Azhar contributed reporting, and Louise Heavens edited the piece./n
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