European banks battered as Credit Suisse drops over 20% – Reuters
- Date: 15-Mar-2023
- Source: Reuters
- Sector:Financial Markets
- Country:Saudi Arabia
European banks battered as Credit Suisse drops over 20% – Reuters
LONDON, March 15 (Reuters) - Shares in European banks got pummeled again on Wednesday, as Credit Suisse (CSGN.S) 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 ($2.18) 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.