Credit Suisse on Thursday announced that it will delay the publication of its 2022 annual report.
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Shares of embattled bank Credit Suisse on Wednesday hit another all-time low for a second consecutive session, dropping by more than 21% shortly before being halted from trade.
Credit Suisse’s largest investor, Saudi National Bank, said it could not provide the Swiss bank with any further financial assistance, according to a Reuters report.
“We cannot because we would go above 10%. It’s a regulatory issue,” Saudi National Bank Chairman Ammar Al Khudairy told Reuters Wednesday.
Investors are also continuing to assess the impact of the bank’s Tuesday announcement that it had found “material weaknesses” in its financial reporting processes for 2022 and 2021.
Several Italian banks were also subject to automatic trading stoppages after sharp declines, including UniCredit, Finecobank and Monte Dei Paschi.