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Credit Suisse shareholder Harris Associates exits entire stake

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Long-time Credit Suisse shareholder Harris Associates reportedly sold its entire stake in the embattled bank

The investment manager began paring its stake in October 2022, the FT report said, after Credit Suisse raised more than $4 billion in capital to fund aThat's when the Saudi National Bank replaced Harris Associates as Credit Suisse's biggest shareholder, the FT said.

"We have lots of other options to invest," added Herro, who was an avid supporter of the Swiss bank for years."Rising interest rates mean lots of European financials are headed in the other direction. Why go for something that is burning capital when the rest of the sector is now generating it?" "We feel the plan to restructure the investment bank, while a noble cause, is cumbersome and far more costly in terms of cash burn than we expected," Herro said, per the FT.

 

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