Axel Lehmann said it would not be accurate to compare Credit Suisse’s woes to the recent collapse of Silicon Valley Bank.
Swiss bank president Credit Suisse Group AG, Axel Lehmannstated that state aid “it’s not a topic” for the bank as it tries to recover from a series of scandals that have undermined investor and customer confidence, Bloomberg reported on Wednesday.
During his speech at the Financial Sector Conference in Saudi Arabia, Lehmann said it would not be accurate to compare Credit Suisse’s woes to the recent collapse of Silicon Valley Bank, particularly as banks are regulated differently, the agency news added.
Lehmann’s comments come at a time when the largest shareholder in Credit Suissethe Saudi National Bank, said it would not buy any more shares in the Swiss bank for regulatory reasons.
Shares in the Swiss bank were halted late in the morning when they fell by a fifth and hit new record lows, having been hit earlier in the week by the market fallout from the Silicon Valley Bank bankruptcy.
Source: Ambito
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