Shares in Credit Suisse fell more than 30 percent to a new record low on Wednesday after its major shareholder said it would no longer provide financial assistance to the ailing Swiss banking giant.

The Saudis rushed to help Credit Suisse by participating in its capital in November. However, the National Bank of Saudi Arabia, the largest shareholder in Credit Suisse, "does not have" plans to increase investment in the Swiss bank for "several reasons", according to what was announced by its chairman, Ammar Al-Khudairi, adding that the simplest of them are "regulatory" issues.

At 13:00 GMT, Switzerland's second largest bank saw its share price drop by 30.13 percent to just CHF 1.55 per share, reaching a new historic low.

But it held some ground in afternoon trading, and at 15:30 GMT, its share fell 16 percent to 1,875 Swiss francs.

The market value of Credit Suisse witnessed severe declines this week due to fears of transmission of the collapse of two US banks, in addition to its annual report, which indicated "fundamental weaknesses" in internal controls.

Speaking at a financial sector conference in Saudi Arabia on Wednesday, Axel Lehmann, Chairman of the Board of Directors of Credit Suisse Bank, said that the bank does not need government assistance, adding that it would be inaccurate to compare the problems it faces with the collapse of the American “Silicon Valley Bank” (EVB), Because of the difference in organization.

"We have strong capital ratios and a strong balance sheet," Lehman said, noting that they have begun implementing the bank's radical restructuring plan, which it unveiled in October.

But his speech did not appear to stem the fall in the value of his shares or prevent fears from spreading beyond Switzerland's borders.

On Wednesday, French Prime Minister Elisabeth Born called on the Swiss authorities to intervene and "settle" the problem, adding that the French and Swiss finance ministers were scheduled to speak during the next few hours.

But, citing three unnamed sources, the Financial Times reported that Credit Suisse had asked the Swiss central bank and its financial regulator to "show support".

Also, a US Treasury spokesman said Wednesday that the department is in contact with economic ministries in other countries regarding Credit Suisse and is monitoring the situation.

For his part, said analyst at the "Finalto" trading company, Neil Wilson, "If Credit Suisse is really facing an existential problem, then we will be facing a real bitter reality. The bank is believed to be too big to fall."

Credit Suisse is one of 30 banks in the world that is too big to fail, which forces it to allocate more cash to face any crisis.

The bank recorded a net loss of 7.3 billion Swiss francs ($7.8 billion) for the fiscal year 2022.

This came after massive withdrawals of funds by its clients, including in the wealth management sector, which is one of the activities that the bank intends to refocus on as part of a major restructuring plan.