Despite the $54 billion central bank lifeline intended to boost investor trust, Credit Suisse shares fell once more on Friday, falling nearly 8% in morning trade on the Swiss stock market.
At 11:10 GMT, shares of Switzerland’s second-largest bank, which is under pressure, were down 7.9 percent and selling at 1.86 Swiss francs each.
After big Wall Street banks pledged a $30 billion deposit in First Republic Bank on Friday in an effort to boost confidence in the banking system, Asia-Pacific markets rose. Bank of America, Wells Fargo, Citigroup, and JPMorgan Chase were among the eleven institutions.
Following China’s announcement that president Xi Jinping will travel to Russia next week, the Shenzhen Component ended 0.36% higher at 11,278.04 and the Shanghai Composite gained 0.73% to close at 3,250.54 on the mainland.
Credit Suisse shares slumped by as much as 30% on Wednesday after its largest shareholder said it could not provide further support, prompting the Swiss bank’s CEO to make new assurances on its financial strength.
Saudi National Bank (SNB) (1180.SE), which holds 9.88% of Credit Suisse (CSGN.S), said it would not buy more shares on regulatory grounds.
Shares in Credit Suisse, which is battling to recover from a string of scandals that have undermined the confidence of investors and clients, were down about 17% in early afternoon trading, after shedding as much as 30% to a new record low.
