Harris Associates' stake in Credit Suisse rises to 10%

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Harris Associates' stake in Credit Suisse rises to 10%

In Bern, the logo of Swiss bank Credit Suisse is seen.

ZURICH Reuters - Credit Suisse shareholder Harris Associates' increased holding in the Swiss bank was due to a change in how it reports stakes to the U.S. regulators, according to Finanz and Wirtschaft's Chief Investment Officer.

David Herro told Financial & Economic in a report published by the Swiss newspaper on Thursday that Harris Associates became the largest shareholder in Credit Suisse.

He said that we manage assets for a large number of clients, and some had previously reported their shares independently.

Harris Associates has a 10.1% stake in a Securities and Exchange Commission filing showing that it holds 266 million shares in Credit Suisse at the end of July.

The US investor's stake was previously recorded at around 5.2%, according to Credit Suisse's website, but Harris is now the largest shareholder in the bank.

In May when Reuters first reported on Credit Suisse's strategic review, Herro said in an interview that there was no need for the bank to raise fresh equity capital.