Singapore bank stocks hit by Credit Suisse crisis

The benchmark Straits Times Index was down 0.55% to 3,155.54 at 5PM. — Bloomberg

SINGAPORE: Local bank stocks slumped when the market opened yesterday morning amid fears of wider financial contagion globally from the crisis engulfing Switzerland’s second-biggest bank and a string of US bank failures.

The battering comes after Credit Suisse sank as much as 30% on Wednesday after its largest shareholder, Saudi National Bank, ruled out investing any more in the bank on regulatory grounds.