Credit Suisse shares slide after Saudi backers rule out further aid

Credit Suisse announced on Thursday that it will delay publishing its 2022 annual report.

Stefan Weymus | Bloomberg | Getty Images

Shares in embattled Credit Suisse bank hit record lows for a second day in a row, falling as much as 18.3% around 10am London time on Wednesday.

The bank’s largest investor, the National Bank of Saudi Arabia, said it could not provide any further financial assistance to the Swiss lender, Reuters reported.

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“We can’t because we’ll be over 10 percent. It’s a regulatory issue,” National Bank Chairman Ammar Al Khudairy told Reuters on Wednesday.

Investors are also continuing to assess the impact of the bank’s Tuesday announcement “Material deficiencies” in financial reporting 2022 and 2021 processes.

This is a breaking news story, please check back soon for more information.

— Elliot Smith contributed to this report.

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