Shares of Credit Suisse Nosedive after Saudi Backer Denies Further Assistance

Credit Suisse’s shares hit another all-time low for a second consecutive day after the company’s biggest backer, Saudi National Bank, said it will not provide further financial assistance.

This comes a day after a top investors in the embattled Swiss bank said they would not be able to provide any more cash because of regulatory restrictions.

Swiss regulators are currently exploring options to stabilize the company.

European lenders are currently facing significant market turmoil as part of the fallout from the collapse of California’s Silicon Valley Bank, and are facing a crisis of a broader sell-off.

Saudi National Bank Chairman Ammar Al Khudairy told Reuters on Wednesday that they won’t be able to provide any more financial boons for CS, explaining, “We cannot because we could go above 10%. It’s a regulatory issue.” However, he added that SNB is happy with Credit Suisse’s transformation plan, and they believe that additional money won’t even be necessary.