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Credit Suisse shares sink amid banking fears

(15 Mar 2023) RESTRICTION SUMMARY: ASSOCIATED PRESS Geneva - 15 March 2023 1. Various exteriors of Credit Suisse building STORYLINE: Battered shares of Credit Suisse lost more than one-quarter of their value on Wednesday, hitting a record low after its biggest shareholder — the Saudi National Bank — told news outlets that it would not inject more money into the Swiss bank beset by problems long before the failure of two U.S. lenders. The turmoil prompted an automatic pause in trading of Credit Suisse's shares on the Swiss market and sent shares of other European banks plunging by as much as double digits. That fanned new fears about the health of financial institutions following the collapse of Silicon Valley Bank and Signature Bank in the United States in recent days. Credit Suisse stock dropped more than 27%, to about 1.6 Swiss francs ($1.73), in mid-afternoon trading on the SIX stock exchange Wednesday. That’s down more than 85% from February 2021. The shares have suffered a long, sustained decline: In 2007, they were trading at more than 80 francs each. With concerns about the possibility of more hidden trouble in the banking system, investors were quick to sell bank stocks on bad news. The tumble came after Saudi National Bank Chairman Ammar Al Khudairy told Bloomberg and Reuters that the key Credit Suisse shareholder has ruled out further investments in the Swiss bank to avoid regulations that kick in with a stake above 10%. Following an announcement in October, Saudi National Bank put in some 1.5 billion Swiss francs to acquire a holding in Credit Suisse of just under 10%. The Swiss bank was pushing to raise funding from investors and roll out a new strategy to overcome an array of troubles, including bad bets on hedge funds, repeated shake-ups of its top management and a spying scandal involving Zurich rival UBS. =========================================================== Clients are reminded to adhere to all listed restrictions and to check the terms of their licence agreements. For further assistance, please contact the AP Archive on: Tel +44(0)2074827482 Email: [email protected]. Find out more about AP Archive: http://www.aparchive.com/HowWeWork Twitter:   / ap_archive   Facebook:   / aparchives   ​​ Instagram:   / apnews   You can license this story through AP Archive: http://www.aparchive.com/metadata/you...