SNB Capital, a leading Saudi regional financial institution with profound industry expertise across asset and wealth management, securities, and investment Banking, and a market leader with $67 billion of AUMs was welcomed by the Saudi Exchange Company, a Tadawul subsidiary, as the first Derivatives Market Maker for MT30 Index Futures.
SNB Capital is the investment banking and asset management arm of Saudi National Bank (SNB) will provide bid and ask quotes for Index Futures contracts, confirming liquidity positions for custody, trading, and securities borrowing and lending services.
Read: Saudi National Bank’s stake in UBS reaches 0.5% after Credit Suisse deal
Credit Suisse stake increase blocked
SNB, which is Credit Suisse’s largest shareholder, sought to increase its stake to 40% from 10% ahead of the Swiss bank’s $3.4 billion acquisition by UBS in March, according to Swiss newspaper Blick.
SNB had a group of investors approach the Swiss government and regulators and ready to pump $5 billion in investments into Credit Suisse, but Swiss regulator Finma, which approves owning any stake over 10%, blocked the offer, without providing reasons as to why.
UBS finalized the emergency takeover of Credit Suisse last June, creating a Swiss banking and wealth management titan with a $1.6 trillion balance sheet and over $5 trillion in assets.
Following that, SNB reduced its Credit Suisse stake to around 0.5%.
Credit Suisse Layoffs
Over 50% of Credit Suisse’s global workforce will be laid off this July, according to Bloomberg, translating to more than 20,000 people.
Staff in New York, London, and some Asian locations will be impacted.
For more on banking and finance, click here.
