Qatar is buying shares of Credit Suisse and will spend as much as $15 billion over the next year on European and U.S. bank stocks, the prime minister said Sunday night, according to a report.
Sheikh Hamad bin Jasim bin Jaber al-Thani, who is also the chief executive of the Qatar Investment Authority, said that the exact percentage of Credit Suisse bought cannot be disclosed because the transaction is still pending, according to the Bloomberg news agency.
American Depositary shares of Credit Suisse rose 0.08 cents, or 0.16 percent to $50.88.
Sheikh Hamad also sought to downplay worries about the growing trend toward foreign investments into banks.
``The sovereign fund is from friendly countries, especially this region,'' he said ``They have no political ambitions. They are looking to invest their wealth for the people of these countries.''