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Fri 16 Sep 2016 06:38 PM

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Saudi's Olayan raises stake in Credit Suisse to 10.72%

Switzerland's second-biggest bank says Saudi conglomerate has increased its holdings

Saudi's Olayan raises stake in Credit Suisse to 10.72%

Saudi Arabian conglomerate Olayan Group has increased its holdings in Credit Suisse to 10.72 percent including options, the Swiss bank said on Friday.

"In a disclosure report dated September 14, 2016, Credit Suisse Group AG was notified that as at September 12, 2016, Olayan Group held 10.72 percent of the voting rights entered in the Commercial Register (5.41 percent shares; 5.31 percent purchase rights)," Credit Suisse said on its website.

In a disclosure on June 9 from the Swiss stock exchange, Olayan's holdings amounted to 10.15 percent.

Last month, US asset manager Capital Group Companies also increased its holdings in Zurich-based Credit Suisse to 5.05 percent from 3.014 percent.

Shares in Credit Suisse, Switzerland's second-biggest bank, are down around 42 percent in 2016.

The bank is undergoing a major restructure under Chief Executive Tidjane Thiam, who is refocusing the business towards wealth management while shrinking Credit Suisse's investment bank.

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