NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Mukesh Ambani
    WhatsApp
    Reliance Jio
    OPPO
    Vivo
    Sensex
    Bitcoin
    NewsBytes
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout


    India Business World Politics Sports Technology Entertainment Auto Lifestyle Inspirational Career Bengaluru Delhi Mumbai Visual Stories Find Cricket Statistics Phones Reviews Fitness Bands Reviews Speakers Reviews

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
     
    Home / News / Business News / Credit Suisse falls 29% as Saudi investor rules out funds
    Business

    Credit Suisse falls 29% as Saudi investor rules out funds

    Credit Suisse falls 29% as Saudi investor rules out funds
    Written by Athik Saleh
    Mar 15, 2023, 06:58 pm 2 min read
    Credit Suisse falls 29% as Saudi investor rules out funds
    An index of European bank stocks has dropped 14% since last Wednesday's close, wiping out €120 billion euros of investor wealth

    In the latest blow to Credit Suisse, its largest shareholder Saudi National Bank ruled out more financial assistance to the struggling bank. Following the news, the embattled Swiss lender's stocks crashed by over 29%, hitting another record low for a second consecutive day. Once a major player, Credit Suisse has been dogged by a series of missteps and compliance issues.

    Saudi National Bank cited regulatory and statutory reasons

    Speaking to Bloomberg, Saudi National Bank's chairman Ammar Al Khudairy said the bank would not increase its stake in the Swiss lender. "The answer is absolutely not, for many reasons. I'll cite the simplest reason, which is regulatory and statutory," he said. "We cannot because we would go above 10%. It's a regulatory issue," he later told Reuters.

    Credit Suisse's shares fell below 2 Swiss Francs

    Credit Suisse's shares have been taking a beating in the market after Khudairy's statement. At the time of writing, the lender's shares have fallen by 29.08%. The bank's share price has fallen below 2 Swiss Francs for the first time. It is currently trading at 1.59 Swiss Francs. The stock exchange operator halted trading in shares multiple times.

    Saudi National Bank is pleased with Credit Suisse's restructuring plan

    Credit Suisse has been struggling for a while. Last October, the lender laid off 9,000 employees as part of a restructuring plan. "We are happy with the plan, the transformation plan that they have put forward. It is a very strong bank," Khudairy said. "I don't think they will need extra money; if you look at their ratios, they're fine," he added.

    Index of European banks fell by over 6%

    European bank stocks generally struggled on Wednesday owing to the fear of contagion after the collapse of the Silicon Valley Bank and Signature Bank. STXE 600 BNK PR Index, an index of European banks, fell in morning trade and was last down at 6.9%.

    Share this timeline
    Facebook
    Whatsapp
    Twitter
    Linkedin
    Latest
    Switzerland
    Finance

    Latest

    Happy birthday Kangana Ranaut! Know about the diva's fitness secrets Exercise
    Happy birthday, Kangana Ranaut: Films that prove she's Bollywood's 'Queen' Bollywood
    Can Opera disrupt browser market with ChatGPT and ChatSonic integration ChatGPT
    'The Last of Us': Why is it best videogame adaptation HBO

    Switzerland

    Why UBS agreed to acquire its rival Credit Suisse Business
    Here's how France, Mexico, Switzerland, Italy, and Spain celebrate Christmas Christmas Day
    Credit Suisse to layoff 9,000 people, projects $1.6bn Q4 loss Finance
    5 stunningly thrilling hiking trails in Switzerland you should bookmark Travel And Tourism

    Finance

    Silicon Valley Bank's ex-CEO in Hawaii amid bankruptcy protection application Startups
    First Republic Bank falls record 65% during market opening USA
    After SVB fallout, New York-based Signature Bank collapses United States of America
    What does Silicon Valley Bank's fall mean to start-up ecosystem Startups

    Love Business News?

    Subscribe to stay updated.

    Business Thumbnail
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2023