Government assistance ‘isn't a topic’ for the bank: Credit Suisse chair
1 min read 15 Mar 2023, 10:41 PM ISTThe Swiss lender Chairman's comments arrived at a time when Credit Suisse's largest shareholder, Saudi National Bank said it would not buy more shares in the Swiss bank on regulatory grounds.
PremiumAmid the Credit Suisse crisis, its chairman Axel Lehmann on 15 March said state assistance 'isn't a topic' for the bank as it seeks to recover from a string of scandals that have undermined the confidence of investors and clients, Bloomberg reported on Wednesday.
Speaking at the Financial Sector Conference in Saudi Arabia, Lehmann said it won't be accurate to compare Credit Suisse's problems with the recent collapse of Silicon Valley Bank, citing that the banks are regulated differently.
The Swiss lender Chairman's comments arrived at a time when Credit Suisse's largest shareholder, Saudi National Bank said it would not buy more shares in the Swiss bank on regulatory grounds.
With Swiss bank's shares on a plunging row by a fifth to fresh record lows, trading was halted late morning, having been pummelled earlier in the week in market fallout from the collapse of Silicon Valley Bank.
In the meantime, Swiss financial regulator FINMA and the nation's central bank said on Wednesday that the Swiss National Bank would provide Credit Suisse liquidity ‘if necessary’, a first for a global bank since the financial crisis.
The two institutions said in a joint statement that Credit Suisse ‘meets the capital and liquidity requirements imposed on systemically important banks’.
Earlier, Credit Suisse has appealed to the Swiss National Bank for a public show of support, following its shares cratered as much as 30 per cent that sparked a broader sell-off in European and US bank stocks, reported Financial Times.
With agency inputs.
