The US Treasury Department is in contact with its counterparts in other countries regarding the Credit Suisse bank and is monitoring the situation, a spokesman told AFP on Wednesday.

The bank’s share price fell 30% to an all-time low after the collapse of Silicon Valley Bank, dragging down other European banks such as BNP Paribas, Société Générale and Commerzbank.

Several Italian banks were also suspended after the sharp drop, including UniCredit, Finecobank and Monte Dei Paschi, according to CNBC and the Evening Standard.

The fall in the share came after the president of the National Bank of Saudi Arabia, which bought a 10% stake in Credit Suisse last year, ruled out further bailouts for the bank, and SVB’s collapse was the icing on the cake.

Asked by Bloomberg TV whether the SNB would be open to providing capital to Credit Suisse if there was a demand for additional liquidity, SNB president Ammar Alhudayri said: “The answer is absolutely no, for many reasons, apart from the simple reason that is regulatory and legislative.”

He said owning more than 10 percent of Credit Suisse would lead to additional regulatory requirements.

In a separate interview at a financial conference in Saudi Arabia, Credit Suisse Chairman Axel Lehmann said on Wednesday that a bailout from the Swiss government was “not a topic of discussion” at the moment.

“We have strong capital ratios, a strong balance sheet,” he said, adding that the bank was in the process of a radical restructuring aimed at halting years of scandals and losses. “I already took my medicine,” he said.

On the same topic:

• Major scandals in which Credit Suisse was involved – from financing dictators and human traffickers to massive money laundering

• An American financier claims that the US capitalist economy is “collapsing before our eyes”