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Credit Suisse Reels After Top Shareholder Rules Out Raising Stake

  • Top shareholder says won’t raise stake above 10% threshold
  • Credit Suisse chairman says government assistance not a topic
Bloomberg business news
WATCH: When asked if Saudi National Bank was open to a taking a bigger stake in Credit Suisse, Chairman Ammar Al Khudairy answered, “absolutely not.”Source: Bloomberg
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A top shareholder ruled out adding to its stake in Credit Suisse Group AG, deepening the crisis at the storied Swiss bank and leaving its leaders struggling to shore up confidence amid market chaos that’s spreading from Europe to the US.

The chairman of Saudi National Bank, which became Credit Suisse’s biggest shareholder late last year, said that the bank wouldn’t boost its share of the bank past the current level of just under 10%.