Saudi Arabia’s Public Investment Fund (PIF) has said it will no longer invest in Swiss financial markets, citing a loss of trust following the merger of Credit Suisse and UBS in 2023, as reported by Bloomberg.
Speaking at an event in Albania, PIF Governor Yasir Al Rumayyan directly referenced the Swiss government’s decision to bypass shareholder approval during the Credit Suisse rescue. “If you change something overnight and wipe out all of your investors, this is a big red flag,” he said. At the time of the deal, the PIF-backed Saudi National Bank held a 10% stake in Credit Suisse, making it the bank’s largest shareholder.
The remarks highlight lingering institutional fallout from the Credit Suisse debacle, particularly among the Gulf investors that faced some of the most substantial losses. The legal and governance concerns raised during the merger prompted concerns that Switzerland’s reputation for upholding the rule of law had been damaged.
While pulling back from Switzerland, PIF is ramping up its broader European investments, announcing plans to open a Paris office and double its regional exposure to $170 billion by 2030.
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