Bitcoin Price News: Credit Suisse Group AG (SWX: CSGN) shares price registered a drop of 24% on Wednesday as the global bank crisis stretches. This comes after Saudi National Bank, Credit Suisse’s biggest investor reportedly said that it is unable to provide any further financial assistance to the struggling bank.
Data depicts that Credit Suisse shares went on to hit another all-time low for the second consecutive day. Reuters reported that SNB chairman Ammar Al Khudairy stated that they cannot help Credit Suisse because of the regulatory issue. The Saudi Bank holds around 9.88% of stakes in the troubled bank.
The Saudi Bank committed to investing up to $1.5 billion at the time of the 10% stock acquisition last year. The mega dump in Credit Suisse’s share price came after its recently published 2022 annual report mentioned “material weaknesses”. The report sparked a withdrawal run among the investors.
Experts have suggested that the dominos are starting to fall apart as the bank stocks declined by an average of 10% in a day.
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