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Petrodollars for the Credit Suisse

In a few days, one of the largest IPOs in history goes beyond the stage. The shares of Saudi Arabia's national Oil company Saudi Aramco are expected to be on 10. December traded publicly for the first time. It is expected that the Oil company out of the desert due to the share placement at a company valuation of 1500 to 2000 billion dollars, which is the company's most valuable to the would make of the world.

The Mega-IPO, the Credit Suisse (CS) has accompanied. It is the only major European Bank, which was taken by the Regime in Riyadh in the exclusive circle of the so-called Global Coordinators. She is one of ten banks in addition to U.S. giants such as J. P. Morgan, Goldman Sachs and Citi, which will bring Ölaktien to the investors.

According to information from the Sunday newspaper can hope the CS on revenue in the amount of $ 100 million. This number call several in the IPO persons involved. So far transpired, only that the Saudis will be around $ 500 million for the IPO jump. The Swiss Bank could take up to a fifth of the fees for themselves. The Bank got a significant role, was primarily the merit of Tidjane Thiam . The managing Director has been threaded according to sources the Deal with the Arabs.

Credit Suisse is a big number in the Oil business

For the CS-in-chief of the success is coming at the right time. Due to the turbulence due to the shading of Iqbal Khan he came under pressure. His credibility has since been beat, because Thiam said always to have using the shading action, you don't know.

The CS Department, because the money from the Saudi IPO will be accounted for, i.e., investment banking & Capital Markets (IBCM). This is in the pipeline in addition to Global Markets, the trade, the Department of investment banking in capital market transactions such as IPOs. IBCM achieved in the past quarter of a loss.

According to a study by environmental organizations has provided the CS between 2016 and 2018 to the fossil fuel industry in the world with 57 billion dollars.

The yields fell by 20 per cent to 425 million francs. The head of the division, James amines, was treated by Thiam recently to Asset Management. With the proceeds from the Aramco-IPO, the CS-investment banking Department is expected to write again in the fourth quarter clearly positive Numbers.

The CS is traditionally strong in the Oil and gas business. The reason is that the previous CS Group took over in 1990, the control of the US investment Bank First Boston. The Bank operates in Houston (Texas) specifically, the Department of Oil & Gas. In the USA, financed and advises the CS companies that are in the controversial shale gas business (Fracking) is active. According to a study by environmental organizations, the Bank has provided between 2016 and 2018 to the fossil fuel industry in the world with 57 billion dollars.

The large footprint of Credit Suisse in the Oil and gas business, with its aspirations to give the banking business a sustainable rotation. So the Bank has to the 17 sustainability of the United Nations objectives. As a global financial institution, we contribute "with our activities for the implementation of the objectives", it says on the Website. Almost in a weekly cycle, the Bank launched a new Fund with a focus on Sustainability.

Credit Suisse sees no sustainability problem

"The sustainability approach of Credit Suisse excludes fossil fuels do not, in principle," says a spokeswoman. Also in the million in business with the Saudis, the CS sees no Problem: "In the context of the Vision 2030, Saudi Arabia has been working for several years to reduce its dependence on oil, diversify the economy and the public sector to further develop. The IPO is one of the numerous measures adopted by Saudi Arabia, to implement this Vision."


This Text is from the current issue. Now all of the articles in the E-Paper of the Sunday newspaper, read: App for iOS App for Android – Web-App

Created: 16.11.2019, 18:54 PM

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