Swiss central bank throws financial lifeline to Credit Suisse after shares pummelled

ZURICH: The Swiss central bank said on Wednesday that capital and liquidity levels at embattled Credit Suisse were adequate but stressed it was ready to make liquidity available to the institution if needed.on Wednesday after its main shareholder said it would not invest any more money, as market jitters over European lenders spiralled.

Credit Suisse, hit by a series of scandals in recent years, saw its share price tumble off a cliff after Saudi National Bank chairman Ammar al-Khudairy said it would"absolutely not" up its stake. The bank regained some ground by the close, ending the day's trading 24.24 per cent down at 1.697 Swiss francs.

A US Treasury spokesperson said the finance ministry was"monitoring" the problems surrounding Credit Suisse and was"in touch with global counterparts".Credit Suisse CEO emphasises strong regulations in wake of stock slump, says bank is working to ‘remediate weaknesses’Amid the market panic, Credit Suisse chairman Axel Lehmann insisted at the Financial Sector Conference in Saudi Arabia that the bank did not need government assistance, saying it"isn't a topic".

Citing three anonymous sources, the Financial Times newspaper had reported that Credit Suisse had appealed to Switzerland's central bank and its financial regulator for"a show of support".

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