Credit Suisse shares surge 30% after Swiss National Bank loan announcement
A branch of the Swiss banking giant Credit Suisse behind a window in the rain in Basel. (Photo by FABRICE COFFRINI/AFP) (Photo by FABRICE COFFRINI/AFP via Getty Images)
Fabrice Coffrini | AFP | Getty Images
CreditSuisse Shares rose more than 30% Thursday morning after the bank announced it would borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank.
The embattled Swiss lender announced late Wednesday that it would exercise its option to borrow from the central bank under a covered credit facility and a short-term liquidity facility.
The SNB and the Swiss Financial Market Supervisory Authority announced on Wednesday that Credit Suisse “meets the capital and liquidity requirements for systemically important banks”.
Credit Suisse shares plunged to a new all-time low for the second straight day on Wednesday after top investor the Saudi National Bank said it could no longer provide cash due to regulatory restrictions.
This is an evolving story and will be updated shortly.
https://www.cnbc.com/2023/03/16/credit-suisse-shares-soar-30percent-on-swiss-national-bank-loan-announcement.html Credit Suisse shares surge 30% after Swiss National Bank loan announcement