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Credit Suisse investor Harris says stake increase reflects reporting change

ZURICH (Reuters) - Credit Suisse shareholder Harris Associates' increased holding in the Swiss bank reflected an adjustment in how it reports stakes to the U.S. regulator, Finanz...
Credit Suisse investor Harris says stake increase reflects reporting change © Reuters. FILE PHOTO: Logo of Swiss bank Credit Suisse is seen at a branch office in Bern, Switzerland May 2, 2022. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - Credit Suisse shareholder Harris Associates' increased holding in the Swiss bank reflected an adjustment in how it reports stakes to the U.S. regulator, Finanz und Wirtschaft reported its Chief Investment Officer as saying.

"Our stake has remained roughly stable, typically between 9 and 10%," David Herro told Finanz und Wirtschaft in a report published by the Swiss newspaper on Thursday after Harris Associates became the largest shareholder in Credit Suisse.

"We manage assets for a large number of clients," he said, adding some had previously reported their shares independently.

Harris Associates on Wednesday disclosed a 10.1% stake in a Securities and Exchange Commission filing showing it held 266 million shares in Credit Suisse at the end of July.

The U.S. investor's stake was previously recorded at around 5.2%, according to Credit Suisse's website, but Harris is now the largest shareholder in the bank.

In May, when Reuters first reported Credit Suisse's strategic review, Herro said in an interview that there was no need for the bank to raise fresh equity capital.

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01-05-2024 10:45:17 (UTC+7)

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 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
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 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
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 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank8,300/ 8,500
(8,300/ 8,500) # 1,298
SJC 1L, 10L, 1KG8,300/ 8,520
(0/ 0) # 1,510
SJC 1c, 2c, 5c7,380/ 7,550
(0/ 0) # 540
SJC 0,5c7,380/ 7,560
(0/ 0) # 550
SJC 99,99%7,370/ 7,470
(0/ 0) # 460
SJC 99%7,196/ 7,396
(0/ 0) # 386
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