And whereas the Saudis actually can’t be blamed for the raft of scandals and errors made by Credit Suisse CSGN, -8.01% CS, -6.94%, it could be their very own missteps that led to the Swiss authorities lastly having sufficient.

The chairman of Saudi National Bank, Ammar Al Khudiary, went on Bloomberg TV on Wednesday and was requested if it might enhance its stake. “The answer is absolutely not, for many reasons outside the simplest reason, which is regulatory and statutory,” he mentioned.

Investors panicked, sending Credit Suisse shares down 24%, regardless that his feedback have been pretty in line with what the financial institution had mentioned in October. At that point, it mentioned it had no present plans to transcend a 9.9% shareholding, although it did say “any future investment would be appraised individually at the time by carefully considering the merits of such investment based on financial impact, capital treatment and long-term shareholder value creation.”

Saudi National Bank additionally made clear they weren’t considering increasing internationally, so the Credit Suisse funding was a “financial opportunity” with potential advantages in serving its personal rich shoppers with Credit Suisse services.

The Saudis aren’t the one Middle Eastern investor nursing a heavy paper loss. The Qatar Investment Authority has a 6.8% stake in Credit Suisse, its sixth largest place in its portfolio. Olayan Group, which is headquartered in Liechtenstein however whose founder was a significant Saudi businessman, is the number-three shareholder.

Another main shareholder is the Norges Bank Investment Management, the sovereign wealth fund of Norway.