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Credit Suisse's largest investor, Saudi National Bank, said it could not provide the Swiss bank with any further financial assistance, according to a Reuters report, sparking the latest leg lower.
"We cannot because we would go above 10%. It's a regulatory issue," Saudi National Bank Chairman Ammar Al Khudairy told Reuters Wednesday. However, he added that the SNB is happy with Credit Suisse's transformation plan and suggested the bank was unlikely to need extra money.
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- Credit Suisse shares tank after Saudi backer rules out further assistance
- Shares of embattled bank Credit Suisse hit another all-time low for a second consecutive day as the bank's biggest backer says it can't provide more financial help.
https://www.cnbc.com/2023/03/15/credit-suisse-shares-slide-after-saudi-backer-rules-out-further-assistance.html
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