The Latest Breaking News from Saudi National Bank

The Saudi National Bank torpedoed its own $1.6 billion investment after its ill chosen words obliterated any remaining confidence in the Swiss lender.

Shares in First Citizens Bank surge 45% as it agrees to buy much of Silicon Valley Bank, while Saudi National Bank’s Ammar Alkhudairy resigns

Credit Suisse has struggled with scandals, a string of CEOs, and customer outflows.

On the heels of bank failures in the U.S., shares of European bank Credit Suisse fall, prompting concerns about the health of the global banking system.

Battered shares of Credit Suisse lost more than one-quarter of their value Wednesday, hitting a record low after its biggest shareholder — the Saudi National Bank — told outlets that it would not inject more money into the ailing Swiss bank

The Saudi Electricity Company signed with nine local banks a syndicated facility agreement valued at SAR 10 billion ($2.6 billion). The seven-year facility is provided by Al Rajhi Bank, Banque Saudi Fransi, Saudi British Bank, Saudi National Bank, Riyad Bank, Bank Albilad, Bank AlJazira, Qatar National Bank KSA and Saudi…

Reuters

Credit Suisse Group AG’s long-term rating was downgraded by SP Global Ratings to just one level above junk status, underscoring the bank’s challenges after it laid out a radical restructuring plan last week.