Mon, Mar 27, 2023
Saudi National Bank Chairman Ammar Abdul Wahed Al Khudairy has resigned from his role, citing ‘personal reasons’. Al-Khudairy was the one whose announcement of pulling the plug on Credit Suisse on March 15 triggered the banking crisis in Europe.
More >
Thu, Mar 16, 2023
European markets were up 2-2.5 per cent in the morning session after the Swiss National Bank accepted Credit Suisse's request for financial assistance up to 50 billion Swiss francs ($54 billion).
Wed, Mar 15, 2023
Credit Suisse Group AG’s top shareholder has ruled out providing more financial assistance to the bank. It cited regulatory issues for its decision to step back. After which the stock of Credit Suisse sank to a record low.
Credit Suisse's shares plunged to fresh lows on Wednesday as its main shareholder said it would not provide more financial assistance to the embattled Swiss banking giant. "The answer is absolutely not, for many reasons outside the simplest reason which is regulatory and statutory," Saudi National Bank said in an interview.
Credit Suisse on Tuesday published its annual report for 2022 saying the bank had identified "material weaknesses" in controls over financial reporting and not yet stemmed customer outflows. Switzerland's second-biggest bank is seeking to recover from a string of scandals that have undermined the confidence of investors and clients. Customer outflows in the fourth quarter rose to more than 110 billion Swiss francs ($120 billion).
By accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.
