Credit Suisse Stock Slump Triggers Close Monitoring by Regulators

Credit Suisse shares slumped by as much as 30% on Wednesday after its largest shareholder said it could not provide further support, prompting the Swiss bank's CEO to make new assurances on its financial strength, Reuters reported. Saudi National Bank, which holds 9.88% of Credit Suisse, said it would not buy more shares on regulatory grounds. Shares in Credit Suisse, which is battling to recover from a string of scandals that have undermined the confidence of investors and clients, were down about 17% in early afternoon trading, after shedding as much as 30% to a new record low. In a sign that regulatory authorities are tracking developments, European Central Bank (ECB) officials contacted lenders it supervises to ask about financial exposures to Credit Suisse. Meanwhile, the falls in Credit Suisse's market value also prompted action among politicians with French Prime Minister Elisabeth Borne saying that Finance Minister Bruno Le Maire would speak with his Swiss counterpart in the coming hours. Read more.