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Credit Suisse chair says government assistance ‘isn’t a topic’ for the bank

Swiss lender Credit Suisse Group AG’s chairman Axel Lehmann said state assistance “isn’t a topic” for the bank as it seeks to recover from a string of scandals that have undermined the confidence of investors and clients, Bloomberg reported on Wednesday.

While speaking at the Financial Sector Conference in Saudi Arabia, Lehmann said it would not be accurate to compare Credit Suisse’s problems with the recent collapse of Silicon Valley Bank, particularly because the banks are regulated differently, the Bloomberg report added.

Lehmann’s comments come as Credit Suisse’s largest shareholder, Saudi National Bank said it would not buy more shares in the Swiss bank on regulatory grounds.

Trading in the Swiss bank’s shares was halted late morning as they fell by a fifth to fresh record lows, having been pummelled earlier in the week in market fallout from the collapse of Silicon Valley Bank. (Reporting by Jyoti Narayan in Bengaluru; Editing by Jon Boyle)

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