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Stock impact report

Credit Suisse Losses Turn Gulf Investors Cautious on Bank Deals [BNN Bloomberg (Canada)]

Mitsubishi UFJ Financial Group, Inc. (MUFG) 
Company Research Source: BNN Bloomberg
Sovereign wealth funds and other investors in the region have been spooked by the market turmoil that wiped $1 billion from Saudi National Bank's stake in the Swiss lender and are likely to be more wary on deals involving foreign financial firms, bankers and lawyers with knowledge of the matter said. The crisis is accelerating a pivot toward other sectors such as healthcare and technology, bankers said, asking not to be identified discussing matters that aren't public. The most recent losses on Credit Suisse are a stark reminder of a series of investments made by Gulf investors during the 2008 financial crisis - many of which ended in financial loss or legal battles. Flush with cash after oil's recent surge, Middle Eastern investors had resumed exploring deals for foreign lenders. Any change in that strategy would be a blow to the global financial sector, potentially depriving Western institutions of much needed petrodollars. “There have been some legacy issues in the Gulf around Show less Read more
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