The Swiss National Bank says it will provide Credit Suisse with liquidity if needed

The Swiss National Bank said on Wednesday that Credit Suisse is currently well capitalized and that the central bank will provide additional liquidity if needed.

A statement from the Swiss Financial Market Supervisory Authority (FINMA) and the SNB said that Credit Suisse “complies with the capital and liquidity requirements imposed on systemically important banks” and that the central bank will intervene if the situation changes. The regulators also said the bankruptcy of two US regional banks in the past week does not pose an “immediate risk of contagion” to Swiss banks.

The statement comes after Swiss-listed shares of Credit Suisse fell more than 20% on Wednesday. The bank had previously delayed its annual report, saying on Tuesday it found “material weakness” in its financial reporting in previous years.

In addition, the Saudi National Bank – Credit Suisse’s largest lender – said it was unable to provide the company with additional capital due to a regulatory issue. The president of the Saudi bank did say his group was pleased with Credit Suisse’s transformation plan and that the company’s financial position appeared strong.

Credit Suisse’s US certificates trimmed their losses to around 14% for the session after the regulators’ announcement.

Concerns about Credit Suisse come after the collapses of Silicon Valley Bank and Signature Bank last week, two of the largest US bank failures in history.

This is the latest news. Check back later for updates.