On Wednesday Credit Suisse lost nearly 25% of its value, plunging to a new record low. The Swiss bank’s largest investor, Saudi National Bank (SNB), said it could no longer provide financial assistance. SNB chairman Ammar Al Khudairy said, “We cannot, because we would go above 10%. It’s a regulatory issue.” Confidence in the global banking system among investors sparked fear as Credit Suisse dropped by as much as 24% following the collapse of Silicon Valley Bank. Credit Suisse said it had identified “material weaknesses” in controls over financial reporting and not yet stemmed customer outflows, according to its 2022 annual report published on Tuesday. The fourth quarter showed customer outflows rose to over 110 billion Swiss francs ($120 billion).
