Shares in European banks got pummeled again on Wednesday, as Credit Suisse plunged to fresh record lows after the lender's biggest shareholder said it could not raise its 10% stake citing regulatory issues.
A logo is pictured on the Credit Suisse bank in Geneva, Switzerland, February 22, 2023. REUTERS/Denis Balibouse/plunged to fresh record lows after the lender's biggest shareholder said it could not raise its 10% stake citing regulatory issues.
Credit Suisse fell below 2 Swiss francs for the first time after Saudi National Bank said it could not go above 10% ownership due to a regulatory issue. Credit Suisse shares fell by as much as 23.8% and were last down 20.2%. Trading in the shares was halted a number of times by the stock exchange operator as volumes soared and the stock plummeted.fell in morning trading and was last down 6.1%, hitting its lowest since January 3. The index has dropped 14% since last Wednesday's close, meaning a loss of over 120 billion euros in market value since then.
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