The Governor of the Saudi public investment fund said, two years after he was incurred as a result of the rapid collapse of the ‘credit -swisses’, that the fund would not re -invest in the Swiss financial markets. Investors from the Middle East were most affected by the sudden decision made by Switzerland to bypass the investor vote when the UBS group ‘Credit Swiss’ obtained a major discount in a government rescue operation. At the time, the ‘National Saudi Bank’, which is the public investment fund, has its largest shareholder, a share of about 10% in ‘Credit Swiss’. The ‘Credit Swiss’ agreement is a dangerous warning signal, the Governor of the Public Investment Fund, Yasser Al -Rumyan, said on Saturday at an event in Albania:’ We will not invest in the financial markets in Switzerland, ‘and add,’ if you ignore something overnight and ignore all your investors. ‘The throw made these statements during a joint session with Nawil Quinn, which recently held the chairman of the Julius Baer group, based in Zurich. In response, Quinn said: “As President of Swiss Bank, just ten days ago, that’s my concern,” Queen said in response. The rescue agreement was completed in 2023 in 2023, after a flurry of the sale of the bank’s shares worsened following the statement of the head of the ‘National Saudi Bank’ at the time, Ammar Al -Khudairi, that he was not ‘open’ for any additional investment in ‘creditwits’. The agreement did not obtain the approval of the shareholders from ‘credit -swisses’ or ‘ups’, at a time when organizers and lawmakers quickly contained a crisis of trust that distributed in global markets. At the time, the Middle East shareholders, including the ‘National Saudi Bank’ and ‘Qatar Investment’, had a fifth of ‘credit -swisses’. The ‘Saudi National Bank’, which was the largest contributor to the Swiss bank, requested ‘Credit Swiss’ to reject the ‘UBS’ offer, according to what ‘Bloomberg’ previously reported. A Saudi transformation to Europe then warned other investors that the government’s decision to overcome the laws of integration related to the voice of shareholders could scare institutional investors. Legal experts have also indicated that the way to expedite the completion of the agreement has distorted the country’s reputation as a place that guarantees investors the rule of law. Al -Rumayyan’s remarks in collaboration with the Public Investment Fund have announced broader plans to open a sub -office in Paris, and promised to double investments in Europe to $ 170 billion by the beginning of the next decade. The fund pumped around $ 2017 and 2024 in the entire continent, as it implemented large investments in countries, including UK, France and Italy.
Saudi Sovereignty -Governor again excludes investment in Switzerland banks
