Trading has been halted in troubled European bank Credit Suisse (CS) after its share price fell 21% to a new all-time low.
It was the second consecutive trading session in which Credit Suisse’s stock fell to new lows amid frantic selling of the security.
The latest drop in the Swiss bank’s share price came after its largest investor, Saudi National Bank, said it could not provide Credit Suisse with any more financial assistance.
Specifically, Saudi National Bank said that a 10% foreign ownership threshold prevents it from taking a bigger position in Credit Suisse.
Credit Suisse’s stock has been in freefall since the Zurich-based bank announced that it is delaying the release of its annual report after U.S. regulators raised concerns about its financial reporting processes.
Specifically, the U.S. Securities and Exchange Commission (SEC) has requested changes to Credit Suisse’s consolidated cash flow statements for the years 2020 and 2019.
Credit Suisse’s stock has declined 67% over the past 12 months to now trade at $2.51 U.S. per share in New York.