Shares of Credit Suisse crashed more than 20% Wednesday to a new record low after its biggest backer appeared to rule out providing any more funding for the embattled Swiss lender.
In an interview with Bloomberg, the chairman of the Saudi National Bank said it would not increase its stake in Credit Suisse.
The Saudi National Bank — which describes itself as the kingdom's biggest bank — committed $1.5 billion of the $4 billion in new capital Credit Suisse raised to fund its overhaul. "I don't think they will need extra money; if you look at their ratios, they're fine. And they operate under a strong regulatory regime in Switzerland and in other countries," Al Khudairy said.The bank's shares were trading down nearly 22% in Zurich on Wednesday, and the cost of buying insurance against the risk of a Credit Suisse default hit a new record high, according to S&P Global Market Intelligence.
On Tuesday, it acknowledged"material weakness" in its financial reporting and scrapped bonuses for top executives.
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