Once again, European banks fell on the stock markets, this time over doubts about the situation of Swiss bank Credit Suisse after its largest shareholder, the Saudi National Bank, ruled out raising its stake in the entity.
In an interview with Bloomberg, The head of the Saudi state bank, Ammar al Khudairy, announced that he would no longer provide financial support to the Swiss bank to help it settle its troubled accounts.
At 10:45 a.m. in Lisbon, Credit Suisse fell more than 21% on the Zurich stock exchange, bringing down the entire European financial sector, which had already suffered in recent sessions from the collapse of US bank Silicon Valley Bank.
Among the major European banks, Société Générale fell by 9.83%, BNP Paribas by 8.74% and ING (Netherlands) by 8.24%.
Germany’s Commerzbank and Deustche Bank fell 7.96% and 6.92%, while in the UK Barclays lost 6.44% and HSBC 3.95%.
The Italian Unicredit also lost 6.87% and Intesa Sanpaolo 5.94%.
In Spain, BBVA and Santander fell by 7.22% and 6.76% respectively.
At 11:55 a.m. in Lisbon, the EuroStoxx 600 fell 2.57% to 438.02 points.
The stock markets of London, Paris and Frankfurt fell by 2.38%, 3.31% and 2.74%, as did those of Madrid and Milan, which fell by 3.75% and 3.70% respectively.
In Portugal, BCP, PSI’s only bank, fell by 7.40% to EUR 0.20.
Dragged by the BCP, the PSI fell 1.82% to 5,869.83 points.
Source: DN
