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Credit Suisse: Harris Associates crosses the 10% threshold


(CercleFinance.com) – The activist fund Harris Associates announced on Wednesday evening that it had increased its stake in Credit Suisse to more than 10%, which moderately supported the share price of the Swiss private bank on Thursday.

In a form filed with the SEC last night, Harris says it now owns 266.5 million shares of the wealth management specialist, a 10.1% stake representing some 1.4 billion Swiss francs. .

For the record, its stake was 5.2% at the end of 2021, a level that had not changed since the end of 2013.

With its stake of more than 10%, Harris should become the main shareholder of the Swiss bank, ahead of the Qatar Investment Authority which holds around 5% of the capital.

Following this announcement, Credit Suisse shares rose 0.7% on Thursday on the Zurich Stock Exchange, while the SMI index fell by 0.3%.

Since January 1, the title has fallen by more than 39% against a backdrop of multiple warnings, passages of accounting provisions and changes at the level of the management team.

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