A Saudi stake in Credit Suisse isn’t just another bank rescue
It reveals Riyadh’s ambitions in the sphere of wealth management
As Credit Suisse Group AG is overhauled, Saudi royals have swooped in to help. But the Swiss bank may end up playing its own rescue role, too. The troubled lender, beset by scandals and losses, is striking deals to raise capital from outside investors and going back to its wealth-management roots. Saudi National Bank (SNB), majority-owned by the kingdom’s Public Investment Fund and its largest lender, has committed to $1.5 billion to become a new strategic investor and take a 9.9% stake in Credit Suisse, subject to approval by existing shareholders.