Saudi Arabia’s Public Investment Fund (PIF) has announced it will cease investments in Switzerland’s financial markets, citing dissatisfaction with the handling of Credit Suisse’s 2023 rescue by Swiss regulators.
The decision stems from the Swiss government’s facilitation of UBS Group’s acquisition of Credit Suisse without shareholder approval, a move that adversely affected Middle Eastern investors, including the PIF.
At the time of the Credit Suisse collapse, the Saudi National Bank—majority-owned by the PIF—held approximately a 10% stake in the bank, resulting in significant losses.
PIF Governor Yasir Al-Rumayyan emphasized the fund’s concerns over regulatory stability and investor protection in Switzerland, stating, “We’re not going to invest in the financial markets in Switzerland.”
Despite withdrawing from Swiss markets, the PIF continues to expand its investments across Europe, indicating a strategic redirection of capital.