1 year ago
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Credit Suisse's largest shareholder Saudi National Bank said the market turmoil successful shares of the Swiss lender was "unwarranted."
"If you look astatine however the full banking assemblage has dropped, unfortunately, a batch of radical were conscionable looking for excuses," Saudi National Bank president Ammar Al Khudairy told CNBC's Hadley Gamble connected Thursday.
"It's panic, a small spot of panic. I judge wholly unwarranted, whether it beryllium for Credit Suisse oregon for the full market," helium said connected CNBC's "Capital Connection."
His comments travel hours aft Credit Suisse announced that it is taking "decisive action" to get up to 50 cardinal Swiss francs ($53.68 billion). The lender's shares plunged Wednesday aft a study that the Saudi slope said it could not supply Credit Suisse with immoderate further fiscal assistance.
He added that the caller fallout of the illness of Silicon Valley Bank was antithetic from the 2008 fiscal crisis, saying that steps taken by U.S. regulators to support depositors person contained further fears of contagion.
"We did person a nonaccomplishment past week, but that's obscurity near, thing to bash with what we saw successful 2008. This is conscionable 1 isolated incident, the regulators person chopped disconnected immoderate possibilities of a spillover," helium said.
Message has 'not changed'
The president of Saudi National Bank told CNBC that Credit Suisse has not asked for fiscal assistance.
"There has been nary discussions with Credit Suisse astir providing assistance," helium said.
"I don't cognize wherever the connection 'assistance' came from, determination has been nary discussions whatsoever since October," helium said.
He reiterated that the slope volition not instrumentality its involvement beyond the current 9.9%.
"The connection has not changed, it's the aforesaid since October," helium said. "Even if we desired to, determination are excessively galore complications from a regulatory and compliance constituent of view," helium said.
