"Changes in the valuation of SNB's investment in Credit Suisse have no impact on SNB's growth plans and forward-looking 2023 guidance," SNB said in a statement to the Saudi stock exchange.

The Saudi statement came after Banking giant UBS announced it was buying out troubled rival Credit Suisse for almost $3.25 billion, in a deal orchestrated by regulators to stave off further market-shaking turmoil in the global banking system.

Credit Suisse is among 30 financial institutions known as globally systemically important banks, and authorities worried about the fallout if it were to fail.

Switzerland's executive branch, a seven-member governing body that includes Berset, passed an emergency ordinance allowing the merger to go through without shareholder approval.

Credit Suisse Chairman Axel Lehmann called the sale to UBS “a clear turning point.”

Credit Suisse is among 30 financial institutions known as globally systemically important banks, and authorities worried about the fallout if it were to fail.

The deal follows the collapse of two large U.S. banks last week that spurred a frantic, broad response from the U.S. government to prevent further panic.