Shares of Credit Suisse bank fell after a delay in the publication of financial statements

Shares of Credit Suisse bank fell after a delay in the publication of financial statements

Swiss bank Credit Suisse has postponed the publication of its annual report after a request from the US Securities and Exchange Commission (SEC). Bank shares lost more than 6%

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Shares of the Swiss bank Credit Suisse fell 6.4%, falling to 2.5 Swiss francs per share, according to trading data on the Swiss Exchange (SIX Swiss Exchange) as of 14:20 Moscow time. By 15:41 Moscow time, the decline had slowed to 5.3%, and the shares were trading at 2.53 Swiss francs.

Sales in Credit Suisse papers began after messages that the bank is postponing the publication of its annual return and related Form 20-F report (for non-U.S. and non-Canadian companies trading in U.S. securities). The decision was made following a request from US regulators regarding changes made by Credit Suisse to its cash flow statements for fiscal years 2019 and 2020.

Credit Suisse management considered it appropriate to postpone the publication of financial statements for a while in order to better evaluate the comments received from the US Securities and Exchange Commission (SEC). The event does not concern financial results for 2022, the bank said.

In February, Credit Suisse reported that 2022 brought the biggest annual loss since the 2008 global financial crisis. The reason for the loss was a significant withdrawal of client funds from the bank. Credit Suisse also warned that significant new losses would follow this year.

The Swiss investment bank reported its financial results for 2022 on February 9. Credit Suisse posted a net loss of 1.4 billion Swiss francs ($1.5 billion) in the fourth quarter and 7.3 billion Swiss francs for the full year. For 2021, the bank’s net loss amounted to 1.6 billion Swiss francs.

A few days ago Reuters informedthat the investment company Harris Associates, one of the largest shareholders of Credit Suisse, sold off its entire stake in the bank in a few months. Harris Associates has been one of the bank’s longest standing shareholders. In August last year, her share in the capital of Credit Suisse was 10%. The largest shareholder of Credit Suisse is now the National Bank of Saudi Arabia. Qatar Sovereign Fund in January increased share in Credit Suisse to almost 7%, becoming the second largest shareholder of the Swiss bank.