Credit Suisse stock market crashes up to 20% and tension grows in the financial sector after the collapse of Silicon Valley Bank.
Thus the European bank collapses again on the stock market, this time motivated by the doubts generated by the situation of the Swiss bank Credit Suisse, after its largest shareholder, the Saudi National Bank, has ruled out increasing its stake in the entity.
In an interview with Bloomberg, the president of the Saudi state bank, Ammar al Khudairy, announced that he will no longer give financial assistance to the Swiss entity to deal with its battered accounts.
Credit Suisse collapsed by more than 21% on the stock market and dragged down the entire European financial sector, which in recent sessions had already been affected by the failure of the US bank Silicon Valley Bank.
Among the major European banks, Société Générale lost 9.83%; BNP Paribas, 8.74%; and ING (Netherlands), 8.24%.
Germany’s Commerzbank and Deutsche Bank fell by 7.96% and 6.92%; while in the UK Barclays lost 6.44% and HSBC 3.95%.
Even the Italian Unicredit loses 6.87%; and Intesa Sanpaolo, 5.94%. In Spain, BBVA and Santander lost 7.22% and 6.76%.
Mary Ortiz is a seasoned journalist with a passion for world events. As a writer for News Rebeat, she brings a fresh perspective to the latest global happenings and provides in-depth coverage that offers a deeper understanding of the world around us.