Last update: 12.11.2019
The largest private shareholder in the Credit Suisse group has ruled out bailing out the Swiss bank, citing regulatory problems.
“The answer is no, for many reasons beyond the simplest, that there is a regulatory framework and a legal issue,” said the chairman. of the National Bank of Saudi Arabia, Ammar Al-Khudairi, was interviewed by Bloomberg TV on Wednesday when asked if his bank would be open to helping Credit Suisse if it was willing to provide liquidity.
Shares of Credit Suisse fell 10% on Wednesday to a new record low on the Zurich Stock Exchange.
Saudi National Bank, which is 37% controlled by the Saudi sovereign wealth fund, has been the largest private shareholder in Credit Suisse since the end of 2022 after buying a 9.9% stake.
Earlier on Wednesday, chairman Axel Lehmann of Credit Suisse said potential government support for the bank was “not even on the table”, despite recent problems that have shaken depositors’ and investors’ confidence in the group.
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