Zurich, Frankfurt Credit Suisse is in such a precarious position that every word from a manager can move billions of dollars. Ammar Al Khudairy, chairman of the supervisory board of the Saudi National Bank (SNB) and since October the largest shareholder in the Swiss bank, also had to experience this on Wednesday.
In an interview with Bloomberg TV, Khudairy said when asked whether the SNB would be prepared to inject fresh capital in an emergency: “The answer is: absolutely not, and for many reasons, the simplest reason being regulatory and legal.”
The headline sent shockwaves through the markets: Credit Suisse shares fell almost 30 percent on Wednesday to a record low of just CHF 1.58 per share. As on Monday, trading in the share on the Swiss stock exchange had to be briefly suspended several times. In the afternoon, the stock is still 25 percent lower.
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