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LONDON – Saudi Nationwide Financial institution (SNB) stated on Friday it had not come throughout any data that may elevate considerations over the governance of Credit score Suisse and was supportive of the transformation plan introduced by the financial institution on Oct. 27.
The feedback got here in response to concern from two different traders over the Swiss financial institution’s dealing with of any potential conflicts of curiosity for Michael Klein, then board member, and director Blythe Masters when it carried out a sweeping overhaul final month.
Saudi Nationwide Financial institution, half owned by the dominion, has agreed to take a position 1.5 billion Swiss francs ($1.59 billion) within the Swiss lender and is ready to take a stake of as much as 9.9%.
($1 = 0.9451 Swiss francs)
(Reporting By Pamela Barbaglia)
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