The banking realm has taken many punches, as three prominent banks have already collapsed in 2023. The whole financial market is in turmoil as a result of the ongoing banking crisis.
On March 15, after its biggest shareholder, the Saudi National Bank, declined to give the company more financial support, shares of Credit Suisse fell to a new record low. However, Credit Suisse Bank CEO Ulrich Koerner recently stated that their liquidity base is strong.
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Credit Suisse Bank CEO says material weakness in report has no financial results impact
Koerner also mentioned that the material weakness mentioned in the report had no impact on the financial results. He also added that the material weakness refers just to the financial reporting controls.
Credit Suisse Bank’s CEO also stressed that the situation in the US is not comparable and has nothing to do with the bank factually. The bank’s stock prices have plummeted by 27.9% today following the drama. At press time, CSGN was trading at 1.61 CHF.
The plummeting stock prices were triggered by the statement by the Saudi National Bank. Credit Suisse Chairman Axel Lehmann also stated earlier that the bank has strong capital ratios.