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(Bloomberg) -- The Qatar Investment Authority has reduced its shareholding in Credit Suisse Group AG to 4.94 percent.
The country’s sovereign wealth fund, known as QIA, previously held 5.01 percent in voting rights, according to a Swiss stock market filing. The QIA’s overall holding in Credit Suisse -- made up of so-called contingent convertible bonds which convert into equity if the bank’s tier 1 capital falls below a certain threshold -- fell to 15.91 percent from 17.98 percent, after the bank’s recent capital increase.
Credit Suisse, which is halfway through a three-year strategy revamp, raised about 4.1 billion francs ($4.21 billion) in June after tapping shareholders for a second time since Chief Executive Officer Tidjane Thiam took over in mid-2015. The bank has said the fresh funding will increase its common equity Tier 1 capital to 13.4 percent of risk-weighted assets, up from 11.7 percent at the end of the first quarter.
Saudi Arabian group Olayan is also a major shareholder in Credit Suisse.
Qatar boasts one of the world’s largest sovereign wealth funds, with stakes in companies from Glencore Plc to Barclays Plc. The small peninsular nation also hosts the regional headquarters for U.S. Central Command, which includes a state-of-the-art air base the Pentagon depends on to target Islamic State.
--With assistance from Mohammed Aly Sergie
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