The collapse of Credit Suisse also destroyed billions of dollars in investments made by the Olayan family in Saudi Arabia and Qatar’s sovereign fund, making the Persian Gulf one of the regions that suffered the most from a decline in financial equities following the failure of two U.S. banks.
According to several of the sources, some Saudi fund officials believed it to be excessively hazardous due to the possibility for legal challenges and substantial future losses.
PIF, according to some of the persons, was a connection between Credit Suisse and Saudi National Bank, the largest bank in the country with strong links to the government.
With slightly under 10% ownership, the investment made Saudi National Bank the largest stakeholder in Credit Suisse. More than 4.5 billion dollars of that debt were converted by Qatar into Additional bonds in 2013.