By Adria Calatayud


Shares in Credit Suisse Group AG plunged to new all-time lows Wednesday, with the stock on track for its worst one-day percentage fall ever after the bank's top shareholder, Saudi National Bank, ruled out providing more liquidity.

At 1300 GMT, shares in the Swiss bank traded 27% lower at 1.64 Swiss francs ($1.79), which would be its sharpest one-day percentage drop if maintained until close, according to FactSet data. The stock traded as low as CHF1.58 earlier in the session.

Saudi National Bank Chairman Ammar Al Khudairy said in a Bloomberg TV interview it wasn't considering aiding Credit Suisse in case of a call for extra liquidity. Saudi National Bank holds a 9.9% stake in Credit Suisse.

The share drop came a day after Credit Suisse said it found material weaknesses in its financial reporting, and amid renewed worries about the health of the European banking sector in the wake of the collapse of Silicon Valley Bank and other financial institutions.

The Stoxx Europe 600 Banks index fell 7%, with BNP Paribas SA, Societe Generale SA, Banco Bilbao Vizcaya Argentaria SA and Banco de Sabadell SA all down more than 10%.

The Swiss National Bank declined to comment on the situation at Credit Suisse when contacted by Dow Jones Newswires on Wednesday.


Write to Adria Calatayud at adria.calatayud@dowjones.com


(END) Dow Jones Newswires

03-15-23 0925ET