Swiss credit hits record low for two consecutive days! Largest shareholder, Saudi National Bank, halts support, plunging over 20%

Credit Suisse discovered internal control deficiencies in its annual financial report on the 14th. On the 15th, the Swiss National Bank (SNB), the largest shareholder of Credit Suisse Group, suspended support for Credit Suisse based on supervisory concerns, leading to a significant drop in stock prices.

Saudi National Bank to Cease Backing Credit Suisse

The Saudi National Bank has stated that it is unable to purchase more shares of Credit Suisse as it would exceed the regulatory limit of 10%. Currently, the bank holds 9.88% of the shares.

Credit Suisse has suffered a significant blow to its stock price following the Silicon Valley Bank incident and later plummeted due to negative news about internal control deficiencies, leading to a temporary halt in trading.