Harris Associates disclosed that it has acquired a stake of more than 10% in the stock Credit Suisse (Credit Suisse Group AG) following converting some of its holdings into US certificates of deposit, confirming its position as the bank’s largest shareholder.
Harris Associates Investments said in a disclosure to the U.S. regulator Wednesday that it owned 266 million shares, or 10.1% of Credit Suisse’s total stock, as of July 31.
The Swiss bank’s annual reports have repeatedly listed Harris with a 5.2% stake, a level disclosed in 2013.
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“We have consistently owned just under 10% … there have been no major changes in our ownership,” David Hero, chief investment officer for international stakes at Harris, said in an emailed statement.
It was clear that the company had converted some of its shares into American certificates of deposit, and had to report the stake as a result.