Credit Suisse stock price is quoting over 11% lower on Wednesday. Credit Suisse Group AG ADR is listed on NYSE and yesterday closed 1.81% lower at $2.51. In the opening hours of session today, it is quoting at around $2.22, down by over 11%.
Meanwhile, Reuters reports that Saudi National Bank cannot give more money to Credit Suisse as it cannot go above 10% ownership due to a regulatory issue, SNB’s chairman Ammar Al Khudairy told Reuters on Wednesday.
The stock price of Switzerland’s second-largest bank fell to new record lows after its largest shareholder stated that it was unable to increase its 10% stake due to regulatory concerns. The Swiss National Bank declined to comment to Reuters on the situation at Credit Suisse on Wednesday after the embattled bank’s stock dropped 20%.
Earlier, in its recently published annual report for 2022, Credit Suisse Group AG disclosed a ‘material weakness’ in its internal controls over the financial reporting process during 2021 and 2022. Previously, the Securities and Exchange Commission raised last-minute concerns about the bank’s cash-flow statements for 2019 and 2020, which the bank stated had been resolved.
As a result, Credit Suisse was forced to postpone the publication of its annual report, which was scheduled for last week. After announcing on March 9 that the publication of the 2022 Annual Report would be delayed due to technical issues, Credit Suisse (Schweiz) AG published its Annual Report 2022 on March 14.
Credit Suisse (Schweiz) AG is a Swiss bank incorporated as a joint stock corporation (public limited company), with its registered office in Zurich, Switzerland. Credit Suisse (Schweiz) AG is a wholly-owned subsidiary of Credit Suisse AG and Credit Suisse AG is a wholly-owned subsidiary of Credit Suisse Group AG (the Group), both domiciled in Switzerland.