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Saudi National Bank not concerned about Credit Suisse's governance

Reuters
·1-min read
FILE PHOTO: Logo of Swiss bank Credit Suisse is seen in Zurich

LONDON (Reuters) - Saudi National Bank (SNB) said on Friday it had not come across any information that might raise concerns over the governance of Credit Suisse and was supportive of the transformation plan announced by the bank on Oct. 27.

The comments came in response to concern from two other investors over the Swiss bank's handling of any potential conflicts of interest for Michael Klein, then board member, and director Blythe Masters when it implemented a sweeping overhaul last month.

Saudi National Bank, part owned by the kingdom, has agreed to invest 1.5 billion Swiss francs ($1.59 billion) in the Swiss lender and is set to take a stake of up to 9.9%.

($1 = 0.9451 Swiss francs)

(Reporting By Pamela Barbaglia)