It is unclear if major backers were consulted before the UBS deal, but due to the Swiss Federal Council issuing an emergency ordinance, shareholder approval is not needed to move forward with the takeover, which is expected to be finalized by the end of 2023.

BlackRock, the bank’s fourth-largest shareholder, had declared late last week it had no interest in bidding for Credit Suisse. The investment company’s CEO Larry Fink warned that more banking troubles may lie ahead on both sides of the Atlantic, and that his company does not see central banks coming to the rescue with rate cuts.


As more financial cracks from rapid rate hikes emerge, BlackRock is utilizing other strategies such as underweight equities, downgrading credit, and preferring short-term government bonds for income.

Shares in Saudi National Bank hit two-year low

Saudi Arabia’s stock market has seen mixed results. Stock in Saudi National Bank has been trending down since August 2022.


One more thing: The one who got away

Earlier this month, Harris Associates, once Credit Suisse’s largest shareholder, announced it no longer held any stock in the Swiss bank, citing concerns about “the future of the franchise.” The Chicago-based activist investor began selling in October, after Credit Suisse raised $4.3 billion in a Saudi-led funding.


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