Investors shed $7 billion off Credit Suisse Saudi backer over stake deal

Investors have wiped about $7 billion off Saudi National Bank’s market value amid growing concern over the lender’s plans to purchase a stake in Credit Suisse Group AG.
 

The Saudi lender, which is 37% owned by the kingdom’s sovereign wealth fund, is set to become one of the Swiss bank’s biggest investors after announcing its first major international acquisition a week ago. It’s poised to own a stake of 9.9% if it participates in Credit Suisse’s rights offering, after agreeing to buy shares for about 1.17 billion Swiss francs ($1.16 billion).

Credit Suisse plans to raise 4 billion francs through