QIA began investing in Credit Suisse during the 2007-2008 global financial crisis.

Qatar and Saudi Arabia stand to lose a significant amount from their Credit Suisse investments, following reports on UBS reaching a discounted agreement to purchase the scandal-plagued Swiss investment bank.

The Qatar Investment Authority (QIA) doubled its stakes in the Swiss bank in January, reaching just below 7%. This move granted it the second-largest shareholder within the the entity after the Saudi National Bank, which is the largest bank in Kingdom.

The third largest shareholder in Credit Suisse is the Liechtenstein-based Olayan Group, whose founder was one of the richest businesspeople in Saudi Arabia.

The Saudi National Bank invested $1.5 billion for a 9.9% stake in Credit Suisse less than six months ago.

According to the Market Watch, that stake is now worth roughly $280 million after UBS stepped in to buy its rival last week, in a deal originally valued at around $3.25 billion.

A slew of scandals involving the Swiss investment bank, together with the failure of Silicon Valley Bank and Signature Bank in the US, have raised fears that the world’s banking system could collapse during the worst financial crisis since 2008.

Ammar Al-Khudairy, the head of the Saudi National Bank, aggravated an already bad situation last Wednesday by answering a question from Bloomberg TV about whether the bank would expand its share in Credit Suisse, according to reports.

“The answer is absolutely not, for many reasons outside the simplest reason, which is regulatory and statutory,” he said.

Despite the fact that Al-Khudiary’s views were “fairly consistent with what the bank had said in October,” the interview reportedly caused investor fear, resulting in a 24% decline in shares of Credit Suisse, according to Market Watch.

QIA began investing in Credit Suisse during the 2007-2008 global financial crisis.