Credit Suisse Rises as Biggest Shareholders Seen Investingby
Credit Suisse Group AG surged as global stocks gained traction and after reports that the bank’s three biggest investors increased their exposure.
Norway’s sovereign wealth fund, the world’s biggest, bought more Credit Suisse shares last week, a filing showed. Qatar Investment Authority and Olayan Group increased their investments in the bank’s convertible bonds, Swiss newspaper SonntagsZeitung reported Sunday.
Credit Suisse’s shares rose as much as 8.9 percent in Zurich trading Monday and were 4.7 percent higher at 10:31 a.m. The Bloomberg Banks and Financial Services Index rose 3.6 percent, as global stocks rallied on speculation that this year’s rout has been excessive.
“It shows they trust in the bank,” Tomasz Grzelak, an analyst at MainFirst in Zurich, said about the purchases in Credit Suisse securities. “It stresses that the reaction was an overreaction and that the situation is not as bad as the share price suggests.”
Switzerland’s second-biggest bank has declined more than 40 percent since Chief Executive Officer Tidjane Thiam announced an overhaul that began in the fourth quarter with a 6 billion-franc ($6.1 billion) share sale.