Saudi National Bank says panic over Credit Suisse is 'unwarranted'

"It's panic, a little bit of panic. I believe completely unwarranted, whether it be for Credit Suisse or for the entire market," he said on CNBC's "Capital Connection."

Saudi National Bank says panic over Credit Suisse is 'unwarranted'


Chairman Ammar Al Khudairy of Saudi National Bank described the latest markets turmoil following Credit Suisse’s stock plunge as “a little bit of panic.”

He added that the recent fallout of the collapse of Silicon Valley Bank was different from the 2008 financial crisis.

He told CNBC’s “Capital Connection” that he believes U.S. regulators “have cut off any possibilities of a spillover.”

Credit Suisse
’s largest shareholder Saudi National Bank said the market turmoil in shares of the Swiss lender was “unwarranted.”

“If you look at how the entire banking sector has dropped, unfortunately, a lot of people were just looking for excuses,” Saudi National Bank chairman Ammar Al Khudairy told CNBC’s Hadley Gamble on Thursday.