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Shares in European banks got pummeled again on Wednesday, as Credit Suisse plunged to fresh record lows after the lender’s biggest shareholder said it could not raise its 10 percent stake citing regulatory issues.
Credit Suisse fell below 2 Swiss francs ($2.18) for the first time after Saudi National Bank said it could not go above 10 percent ownership due to a regulatory issue.
Credit Suisse shares were last down by more than 22 percent. Trading in the shares was halted a number of times by the stock exchange operator as volumes soared and the stock plummeted.
