Norway holds Swiss investments worth over CHF35 billion

According to Norges Bank CEO Nicolai Tangen, the Norwegian sovereign wealth fund holds investments in Switzerland worth CHF 35.5 billion ($39 billion). UBS is its largest investment: Norges has a stake of less than 5%. Norges Bank, Norway's central bank, also had a stake in Credit Suisse (CS), which was taken over by UBS. Do you want to read our weekly top stories? Subscribe here. "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 newspaper. "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, he added, "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, he added. According to Tangen, Norges manages a total of ...