Credit score Suisse‘s largest shareholder Saudi Nationwide Financial institution stated the market turmoil in shares of the Swiss lender was “unwarranted.”

“In the event you have a look at how the whole banking sector has dropped, sadly, lots of people had been simply on the lookout for excuses,” Saudi Nationwide Financial institution chairman Ammar Al Khudairy advised CNBC’s Hadley Gamble on Thursday.

“It is panic, a little bit little bit of panic. I imagine utterly unwarranted, whether or not or not it’s for Credit score Suisse or for the whole market,” he stated on CNBC’s “Capital Connection.”

His feedback come hours after Credit score Suisse introduced that it’s taking “decisive motion” to borrow as much as 50 billion Swiss francs ($53.68 billion). The lender’s shares plunged Wednesday after a report that the Saudi financial institution stated it couldn’t present Credit score Suisse with any additional monetary help.

He added that the latest fallout of the collapse of Silicon Valley Financial institution was completely different from the 2008 monetary disaster, saying that steps taken by U.S. regulators to guard depositors have contained additional fears of contagion.

“We did have a failure final week, however that is nowhere close to, nothing to do with what we noticed in 2008. This is only one remoted incident, the regulators have lower off any prospects of a spillover,” he stated.

The chairman of Saudi Nationwide Financial institution advised CNBC that Credit score Suisse has not requested for monetary help.

“There was no discussions with Credit score Suisse about offering help,” he stated.

“I do not know the place the phrase ‘help’ got here from, there was no discussions by any means since October,” he stated.

He reiterated that the financial institution won’t take its stake past the present 9.9%.

“The message has not modified, it is the identical since October,” he stated. “Even when we desired to, there are too many issues from a regulatory and compliance viewpoint,” he stated.