Credit Suisse Stock Crashes to Record Low as Key Backer Says No More Money
Credit Suisse’s shares fell to a new all-time low for the fifth consecutive day on March 15, following news that its largest investor, Saudi National Bank (SNB), will be unable to acquire more equity stake in the Swiss bank due to regulatory restrictions. The bank’s share price tanked by almost 30 percent in the morning, recovering to around 25 percent at the time of writing.
Trading was suspended multiple times on the Swiss exchange as the stock dropped below 2 Swiss francs and below $2 on the New York Stock Exchange for the first time in its listing on each exchange. Credit Suisse’s plummeting share price contributed to a broader rout among European lenders, with Société Générale, Banco de Sabadell, and Commerzbank among the hardest hit….