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.
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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.
