Norges Bank Wants Reshuffle at Credit Suisse
Posted on 04/03/2023
Norges Bank Investment Management (NBIM) has reported that is has voted against several Credit Suisse officers and the Chair. The fund lost confidence in Chair Axel Lehmann at Credit Suisse, along with several other directors at the company. The move came at the Credit Suisse general meeting last week. Now owned by UBS, thanks to the intervention of the government, Credit Suisse continues to trade, but for less than US$ 1 per share. A Swiss prosecutor has opened a probe into the takeover.
Credit Suisse has been a storied name in financial services spanning back over 150 years. Credit Suisse was founded on July 5, 1856. Business leader Alfred Escher founded the company as “Schweizerische Kreditanstalt.” The bank was originated in order to fund a railroad network and industrialize Switzerland. Only fourteen years later, the bank had a presence in New York. Credit Suisse was the first bank to offer online banking, in 1997. The IRS in the United States is currently accusing Credit Suisse of hiding US$ 700 million in assets. Retail investors account for over 50% of the bank’s ownership. Its largest single shareholder is Saudi National Bank, which declined further investment in Credit Suisse during its crisis due to increased regulatory requirements, potentially among other concerns.
Keywords: Norway Government Pension Fund Global.