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Credit Suisse Shares Crash After Saudi National Bank Says No More Support

Credit Suisse Shares Crash After Saudi National Bank Says No More Support

The shares of Credit Suisse after Saudi National Bank which is its biggest stronghold for support declined to provide further financial help to the bank.

Credit Suisse shares hit another all-time low for a second consecutive day.

Credit Suisse Chairman Axel Lehmann declined to comment on whether his bank would need any sort of government assistance.

“That’s not the topic”, Lehmann answered, when asked if he would rule out some kind of assistance.

“We are regulated, we have strong capital ratios, very strong balance sheet. We are all hands on deck. So that’s not the topic whatsoever,” he added.

The Saudi National Bank which has been its biggest backer said it cannot provide further financial support due to regulatory restrictions.

“We cannot because we would go above 10%. It’s a regulatory issue,” Saudi National Bank Chairman Ammar Al Khudairy told Reuters on Wednesday. However, he added that SNB is happy with Credit Suisse’s transformation plan and suggested the bank was unlikely to need extra money”.

Trading in the bank’s plummeting stock was halted several times throughout the morning as it fell below 2 Swiss francs ($2.17) for the first time.

Credit Suisse shares provisionally lost 24%, paring some of its earlier losses after losing over 30% previously.

The crash in the share price of Credit Suisse is part of a broader sell-off among European lenders due to the financial fallout in Silicon Valley Bank.

Some of the biggest losers so far in the market run include France’s Societe Generale, Spain’s Banco de Sabadell and Germany’s Commerzbank.

Some Italian banks too also had automatic trading stoppages, including UniCredit.

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