Saudi Arabia’s PIF to Shun Swiss Financial Markets After Credit Suisse

Two years after it was left nursing losses from the rapid collapse of Credit Suisse, the head of Saudi Arabia’s Public Investment Fund said it will no longer invest in Switzerland’s financial markets.

Middle Eastern investors were hit particularly hard by Switzerland’s abrupt decision to bypass investor votes when UBS Group AG took over Credit Suisse in a government-backed rescue at a steep discount. At the time, Saudi National Bank — whose top shareholder is the PIF — held a stake of about 10% in Credit Suisse.