Key Takeaways
- Credit Suisse stock plummeted on Wednesday as the Saudi National Bank announced that they would not be providing any further funding to the struggling multi-national
- With concerns mounting over a potential banking crisis after the failure of Silicon Valley Bank, the Swiss National Bank has stepped in and offered Credit Suisse a loan facility of $54 million
- It’s cold comfort for Credit Suisse shareholders, who have seen the value of their stock fall by over 90% over the past decade.
The banking whirlwind hasn’t stopped for days, with Credit Suisse stock dropping 24.24% on Wednesday after their biggest shareholder, the Saudi National Bank, announced that they wouldn’t be providing any additional cash.
Saudi National Bank Chairman Ammar Al Khudairy stated that this was due to the fact that a greater than 10% holding of the company would trigger complications from a regulatory standpoint, but the timing couldn’t have been worse.
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