Credit Suisse sheds nearly 25%, key backer says no more money

Saudi lender acquired a stake of almost 10% in Credit Suisse last year

“We cannot, because we would go above 10%. It’s a regulatory issue,” Saudi National Bank chairman Ammar Al Khudairy said on Wednesday.

The Saudi lender acquired a stake of nearly 10% last year after taking part in Credit Suisse’s capital raising and committed to investing up to 1.5 billion Swiss francs.

Broader equity markets rapidly fell, reversing earlier gains, as Credit Suisse’s drop by as much as 24% re-ignited some of the jitters among investors about the Global Banking System after the collapse of Silicon Valley Bank. 

“In the last couple of days as you might expect we’ve seen inflows,” Hamers, the chief executive of UBS said. “It is clearly a flight to safety from that perspective, but I think three days don’t make a trend.”

Earlier this week, Credit Suisse CEO Ulrich Koerner told a conference that the bank’s coverage ratio averaged 150% in the first quarter of this year – well above regulatory requirements.

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