Swiss central bank ready to provide financial support to Credit Suisse after stocks tank

, the largest Canadian lender, are down 5 per cent over the past week – but are still up 2 per cent this year.

“Credit Suisse meets the capital and liquidity requirements imposed on systemically important banks,” they said in explaining the decision to backstop the lender if need be.Ammar Al Khudairy, chair of Saudi National Bank, which is Credit Suisse’s largest shareholder, said he would not boost his organization’s ownership stake. He later clarified that boosting the stake above 10 per cent would impose extra regulatory burdens.

Its shares hit a record high of US$74 each in New York in 2007. The stock closed at US$2.16 Wednesday.

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Video: European bank stocks fall as Credit Suisse tumblesEurope's bank stocks came under pressure again on Wednesday (March 15), with Credit Suisse tumbling to a new low, as investors continued to worry about stresses within the sector following Silicon Valley Bank's collapse.
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