The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price is down 2.86% today as ASX bank shares are hammered in the fall-out from the Credit Suisse stock plunge overnight.
As we reported earlier, shares in Switzerland’s second-largest bank fell 24% as fear spreads of a contagion in the global banking system following the collapse of two banks in the United States over the past week.
We’ve seen a 105-point fall in the S&P/ASX 200 (ASX: XJO) today, with bank shares faring badly.
What’s happening with ASX bank shares?
Among the small ASX bank shares, the Bendigo Bank share price has fallen the most at 2.86%.
Shares in Bank of Queensland Ltd (ASX: BOQ) are down 1.96%.
The big four banks are not immune, either. They all opened lower this morning before recovering a little.
At the time of writing, the ANZ Group Holdings Ltd (ASX: ANZ) share price is down 1.63%.
The National Australia Bank Ltd (ASX: NAB) share price is down 1.02% while the Westpac Banking Corp (ASX: WBC) share price has dropped 1.64%.
Commonwealth Bank of Australia (ASX: CBA) shares have recovered somewhat to be just 0.06% lower.
The Macquarie share price has fallen the most among the major players, down 2.28%.
It is unclear why the Bendigo Bank share price has been hit hardest among the small ASX banks.
The Credit Suisse drama
To recap, Credit Suisse stock plunged last night after its major shareholder, the Saudi National Bank (SNB), said it would not increase its holdings to prop up the Swiss bank.
SNB holds a 9.88% stake in Credit Suisse and can’t buy more because of regulatory restrictions.
Credit Suisse shares are now down by more than 50% since early February.
The Swiss central bank has said it will give Credit Suisse extra liquidity if needed.
The post Why is the Bendigo Bank share price being hit the hardest of the small ASX banks? appeared first on The Motley Fool Australia.
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More reading
- What’s going on with Credit Suisse and why is it impacting ASX 200 shares?
- Why are the smaller ASX 200 banks rebounding so strongly on Wednesday?
- ASX 200 bank shares: Are they better prepared than Silicon Valley Bank?
- 5 things to watch on the ASX 200 on Monday
- Why are ASX 200 bank shares like CBA being annihilated today?
Motley Fool contributor Bronwyn Allen has positions in Anz Group, Commonwealth Bank Of Australia, and Westpac Banking. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Bendigo And Adelaide Bank. The Motley Fool Australia has recommended Westpac Banking. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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