European banks moved to the centre of a growing global crisis over big-name financial stocks amid growing fears that the sector may be badly exposed to the impact of a stark drop in the value of government bonds.
The worries centred on Credit Suisse as its stock plunged by around 20% before trading as halted, with the scandal-prone lender at the centre of market speculation over its financial health. Its top shareholder, the Saudi National Bank, ruled out providing more support for Switzerland’s second biggest bank, which has been grappling with a run of customers withdrawing deposits.
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