‎SNB hits lowest level since November 2020

‎SNB hits lowest level since November 2020

Shares of Saudi National Bank (SNB) dropped today, March 16, to their lowest levels since November 2020, at SAR 39.75.

The stock is down more than 2%, with a trading volume of nearly 16 million shares, so far.

The lender listed as National Commercial Bank on the Saudi Stock Exchange (Tadawul) in 2014.

It merged with Samba Financial Group (SAMBA) in April 2021 under the name of the Saudi National Bank, with a capital of SAR 44.78 billion.

The following table shows the key financial indicators:

Last October, SNB announced its commitment to participate in the capital raise announced by Credit Suisse Group AG, Argaam earlier reported.

It said it will invest up to CHF 1.5 billion (SAR 5.7 billion) in the group to hold a stake of up to 9.9% through a private placement of non-pre-emptive shares by Credit Suisse.

On March 15, Credit Suisse stock closed 25% down at its all-time low, after announcing fundamental weaknesses in its financial reports, and following reports that it was facing liquidity crunch.

Credit Suisse shares rose sharply in early trade today, after the bank announced it had obtained a $53.7 billion loan to support liquidity. The Swiss Central Bank also confirmed its willingness to support the lender.