Credit Suisse to borrow up to 50 bln Swiss francs from Swiss National Bank
1 min read . Updated: 16 Mar 2023, 07:15 AM IST
PremiumTo maintain its liquidity, Credit Suisse Group AG on Thursday said it will borrow 50 bln Swiss francs, equal to $54 billion from the Swiss National Bank
Credit Suisse Group AG on Thursday said it will borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank, in what it called "decisive action" to strengthen its liquidity.
The move came after Swiss regulators pledged a liquidity lifeline to Credit Suisse in an unprecedented move by a central bank after the flagship Swiss lender's shares fell by as much as 30% on Wednesday.
Credit Suisse said the borrowing will be made under the covered loan facility and a short-term liquidity facility, fully collateralized by high quality assets.
It also announced offers for senior debt securities for cash of up to 3 billion francs.
"This additional liquidity would support Credit Suisse’s core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs," it said.
This story has been published from a wire agency feed without modifications to the text.