European bank stocks under pressure in wake of American bankruptcies

On Wednesday, bank shares were under pressure again in European stock markets. Credit Suisse shares took a 20 per cent hit after its Saudi major shareholder ruled out extra financial support and reached an all-time low of 1.728 Swiss francs.

Credit Suisse was already weakened by scandals in recent years. The Swiss major bank is working on a restructuring plan, shifting focus on wealth banking. But that did not restore confidence, with shares falling further and many customers withdrawing their money.

Saudi National Bank, which became Credit Suisse's largest shareholder last year, also announced that it does not intend to provide additional support should the Swiss bank need extra liquidity, "for regulatory and statutory reasons".

In the wake of concerns about Credit Suisse and the failure of US Silicon Valley Bank, other bank shares also went lower on Wednesday. In France, BNP Paribas shares lost over 7.8 per cent. The Belgian government is a major shareholder of the bank. KBC lost over 5 per cent on Wednesday afternoon, ING lost over 6 per cent.

 

© Fabrice COFFRINI / AFP

Get updates in your mailbox

By clicking "Subscribe" I confirm I have read and agree to the Privacy Policy.

About belganewsagency.eu

Belga News Agency delivers dependable, rapid and high-quality information 24 hours a day, 7 days a week, from Belgium and abroad to all Belgian media. The information covers all sectors, from politics, economics and finance to social affairs, sports and culture, not to mention entertainment and lifestyle.

Every day, our journalists and press photographers produce hundreds of photos and news stories, dozens of online information items, plus audio and video bulletins, all in both national languages. Since the end of March 2022 English has been added as a language.

For public institutions, businesses and various organisations that need reliable information, Belga News Agency also offers a comprehensive range of corporate services to meet all their communication needs.

Contact

Arduinkaai 29 1000 Brussels

www.belganewsagency.eu