Credit Suisse calamity could see Gulf investors shift priorities, avoid banking deals

Al-Monitor Pro Members

Samuel Wendel

Senior Market Research Analyst, Al-Monitor

Apr. 3, 2023

Billions lost, a Saudi lender moving global markets and a key resignation: Credit Suisse’s March 2023 meltdown continues to reverberate across the Gulf. At the center is Saudi National Bank, or SNB, which is now nursing a $1 billion loss from a 2022 investment into the troubled Swiss bank. The deal was reportedly pushed by Crown Prince Mohammed Bin Salman and was supposed to mark the kingdom’s big debut into the global banking sector — plans that are now in disarray. SNB’s chairman has now stepped down and the fallout could spread further to impact a wider Gulf investment spree powered by a fresh pile of petrodollars.