Credit Suisse (CS) stock price fell by almost 30 percent on Wednesday, in pre-market trading. Top shareholder Saudi National Bank ruled out increasing investments in the beleaguered financial bank, leading to the deep plunge at a time when global fears about banks increase. Mid-afternoon trading on the SIX stock exchange put the stock price at about 1.6 Swiss francs which is equivalent to $1.73.
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After the recent collapse of banks in the U.S., Credit Suisse became the first European Bank to see a huge dip in its value, though the bank has been facing several problems from quite a while, even before the collapse of the US banks.
Two French banks saw a fall in share price. Societe Generale SA saw a fall of 12 percent while BNP Paribas fell by over 10 percent. There was a brief suspension in the trading of thr shares of the French banks. Another major European bank Deutsche Bank saw its share price fall by 8 percent and Barclays Bank in Britain also followed closely behind with an almost 8 percent drop in stock price.
Many experts consider Credit Suisse to be the weakest link among major European banks. A recent report by the bank that mentioned “material weaknesses” in internal controls on financial reporting by the bank increased the doubts about the viability of the bank. The bank was already in a weak position and recent events have made its position more precarious.
In October, Saudi National Bank had invested about $1.5 billion Swiss francs to gain a stake of under 10 percent in Credit Suisse. Saudi National Bank Chairman Ammar Al Khudairy told major news outlets Reuters and Bloomberg that their bank would not invest further in the Swiss bank.
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Credit Suisse bank stock plunged by almost 30 percent after the report by the major outlets that the bank would not receive further investments from Saudi National Bank. An investment of above 10 percent in a Swiss bank will invite regulations on the investor by Swiss authorities.
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