Credit Suisse asks central bank for a show of support, but Swiss National Bank stays quiet

• Credit Suisse asked the Swiss National Bank for a show of support, the Financial Times reported.
• Chairman Axel Lehmann also said the bank had no need for financial help from the state.
• This comes as the lender's credit default swaps surged, indicate declining confidence in the bank.

Credit Suisse has turned to the Swiss National Bank for a show of support on Wednesday, sources told the Financial Times, as the bank's stock crashed and fears of a default spiked.

The lender also sought public support from Swiss financial regulator Finma, but so far neither institution has decided to do so, the FT said.

The European Central Bank is also asking European lenders to disclose their level of exposure to Credit Suisse, the FT added.  

Shares tumbled more than 25% on Wednesday as investors grew especially wary of Credit Suisse's deteriorating health after top shareholder Saudi National Bank said it would not inject any more money into the lender. 

Meanwhile, credit default swaps tied to the bank soared, indicating mounting fear that the bank won't be able to meet its debt obligations.

Credit Suisse has been hit by losses and shrinking deposits in recent months, and analysts said intervention from the Swiss National Bank is looking more likely. The bank has undergone growing scrutiny from investors, as it sustained a litany of scandals.

Chairman Axel Lehmann tried to calm nerves Wednesday, saying financial backing from the government "isn't a topic," adding that comparisons between Credit Suisse and Silicon Valley Bank's collapse were inaccurate. 

"We have strong capital ratios, a strong balance sheet," he said, and referred to the bank's recent restructuring in the fall.

With $574 billion in assets, Credit Suisse has more than double the assets Silicon Valley Bank had just before collapsing.  But in backstopping deposits at the once-obscure California bank, federal regulators deemed it systemically important.