Mubasher: Qatar Investment Authority (QIA), Qatar’s sovereign wealth fund, announced that it has increased its stake in Swiss bank Credit Suisse to 5.2%.
After the acquisition, QIA has become the largest investor in Switzerland-based Credit Suisse, the Qatar state news agency (QNA) said on Saturday, with no further details on the value of the deal.
Early in 2017, the fund revealed that it would expand its holdings despite a diplomatic crisis with fellow Arab countries. Since 5 June 2017, Qatar has been facing outflows of foreign customers' deposits after four Arab countries led by Saudi Arabia cut their diplomatic and trade ties with the gas-rich state, accusing Qatar of financing terrorism. Doha forcefully denies the charges.
It is worth noting that QIA is considered the world's 10th biggest sovereign wealth fund with total assets of $320 billion, according to the Sovereign Wealth Fund Institute.
The Qatari fund has stakes in Volkswagen, Barclays, and the London Stock Exchange.