The Swiss Financial Market Supervisory Authority (Finma) prevented the Saudi National Bank  from increasing its stake in Credit Suisse from 9.88 percent to around 40 percent, according to a report by Swiss newspaper «Blick» citing unnamed sources.

The Saudi National Bank was already Credit Suisse’s largest shareholder and would have invested a further $5 billion. It was not clear why Finma opposed the deal, the report added.

UBS agreed to buy Credit Suisse for three billion Swiss francs ($3.4 billion) on March 19. After deal the Saudi National Bank’s stake in Credit Suisse converted to a 0.5 percent stake in UBS.