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Bethel Finance news:
IDB Holding Corp. Ltd. (TASE:IDBH) chairman Nochi Dankner is redoubling his bet on Credit Suisse Group AG (NYSE: CS; SWX: CSGN; XETRA: CSGZ). IDB unit Koor Industries Ltd. (TASE:KOR) today announced that it owns 30.32 million Credit Suisse shares. The statement means that it has bought 2.52 million Credit Suisse shares since the end of the third quarter on September 30.
Koor added that it purchased the shares for NIS 2.91 billion, and that the balance of its credit from Citigroup Inc. (NYSE: C) and Morgan Stanley (NYSE: MS) for buying Credit Suisse shares is NIS 1.53 billion (CHF 374million).
Koor said that Citigroup and Morgan Stanley have liens on all of Koor's shares in Credit Suisse as collateral for the loans. The holding is currently worth NIS 2.61 billion, giving a debt-to-collateral ratio of 59%.
Credit Suisse's share price rose 6.2% in Zurich today to CHF 21.15, after rising 8.6% in New York on Friday to $23.02. Koor's share price rose 3.1% by mid-afternoon today to NIS 42.84, giving a market cap of NIS 2 billion.
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