Financial sector Norges holds Swiss investments worth 35.5 billion
According to Norges CEO Nicolai Tangen, the Norwegian sovereign wealth fund holds investments in Switzerland worth the equivalent of 35.5 billion Swiss francs. UBS is its largest investment: Norges has a stake of less than five percent.
30.06.2024, 06:31
SDA
Norges also had a stake in Credit Suisse (CS), which was taken over by UBS. "We reduced our stake shortly before the takeover by UBS, but we are not giving any concrete figures on our losses," said Tangen in an interview with the SonntagsZeitung. "One thing I can say is that we didn't have any AT1 bonds, so we didn't lose any money on CS bonds." But: "We clearly made a mistake with our investment."
In general, however, Tangen is satisfied with the Swiss investments: "We love our Swiss investments," he said. Switzerland has excellent companies, outstanding management and fantastic international companies.
According to Tangen, Norges manages a total of 1.6 trillion US dollars. "Inflows in the first quarter of 2024 amounted to 100 billion Norwegian kroner (8.4 billion Swiss francs), which is the average for all quarters last year," he said. According to the report, the funds come from the proceeds of gas and oil sales by the Norwegian state.
