off-the-wire

Credit Suisse CEO said bank's liquidity basis is "very very strong"

Kitco Media
By Reuters
Published:
Updated:
Reuters

ZURICH, March 15 (Reuters) - Credit Suisse (CSGN.S) Chief Executive Ulrich Koerner spoke of the strength of the Swiss lender's liquidity basis in an interview with CNA on Wednesday, after its share price dropped more than 30% following comments by the company's lead investor.

"Our capital, our liquidity basis is very very strong," Koerner said. "We fulfill and overshoot basically all regulatory requirements."

Earlier, Credit Suisse's largest shareholder, Saudi National Bank (1180.SE), said it would not buy more shares in the Swiss bank on regulatory grounds.

A 30% drop in Credit Suisse shares triggered a 6% plus fall in the European banking index (.SX7P), while five-year credit default swaps (CDS) for the flagship Swiss bank hit a new record high, highlighting increasing investor concerns.

Reporting by Noele Illien; editing by Dhara Ranasinghe and Amanda Cooper
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