Credit Suisse isn’t the next Lehman Brothers. Yet.

Another brutal session for the banking sector. If the focus for the last few days was on Silicon Valley Bank’s collapse, nowOn Wednesday morning the chairman of Saudi National Bank told Bloomberg News it would not invest further in the Swiss lender, where former Bank of Ireland CEO Francesca McDonagh is now a top executive.

“The answer is absolutely not, for many reasons outside the simplest reason, which is regulatory and statutory,” Ammar Al Khudairy said in response to a query on whether he would take a bigger stake in the bank. Investors reacted to his comments with ferocity. Credit Suisse shares fell more than 28 per cent to a new record low. After all, if a company’s biggest backer says they’re finished putting money in, why would anyone else? Inevitably that had a knock on impact on the wider banking sector and Irish lenders were not immune. AIB and Bank of Ireland both shed more than 5 per cent before recovering somewhat. Permanent TSB also dropped.

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