Credit Suisse shares hit record low as its biggest backer says it can’t put up more money

Credit Suisse is seeking to recover from a string of scandals that have undermined the confidence of investors and clients

shares slid on Wednesday, dropping by as much as 10.5 per cent to a new record low, as its largest investor said it could not provide the Swiss bank with more financial assistance.

The Saudi lender acquired a stake of almost 10 per cent last year after it took part in Credit Suisse’s capital raising and committed to investing up to 1.5 billion Swiss francs .saying the bank had identified “material weaknesses” in controls over financial reporting and not yet stemmed customer outflows.

The shares were last down 10.2 per cent at 2.01 Swiss francs in Zurich, heading for a seventh straight daily decline.

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