Shares of the once mighty Swiss bank, Credit Suisse (NYSE: CS) continued their downslide in pre-market trading on Wednesday, dropping by more than 20% after the bank’s major shareholder, Saudi National Bank Chairman Ammar Al Khudairy ruled out any more financial assistance for the Swiss bank.
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In an interview with Bloomberg TV, Khudairy commented, “The answer is absolutely not, for many reasons outside the simplest reason, which is regulatory and statutory.” The top shareholder of the bank has lost more than 33% of his stake value in the past three months.
This news comes just as the bank is in the midst of a complex turnaround plan and had reported”material weakness” yesterday.
In the past year, CS stock has lost more than 60% of its value.