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Credit Suisse appeals to Swiss central bank for support
By Owen Walker and Stephen Morris
Wednesday, March 15, 2023
Credit Suisse has appealed to the Swiss National Bank for a public show of support after its shares cratered as much as 30%, sparking a broader selloff in European and U.S. bank stocks.
The request for a reassuring statement about Credit Suisse's financial health came after its shares sank as low as SF1.56, having earlier been halted amid a heavy selloff, according to three people with knowledge of the talks.
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Credit Suisse also asked for a similar response from FINMA, the Swiss regulator, two of the people said, but neither institution has yet decided to intervene publicly.
The steep share price declines came in the wake of the collapse of Silicon Valley Bank in the United States and after the chair of the Saudi National Bank, which bought a 10% stake in Credit Suisse last year, ruled out providing the Swiss lender with any more financial assistance. ...
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