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Credit Suisse set to borrow up to $54bn from Swiss Central Bank after share price slump
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Credit Suisse will borrow up to CHF50bn ($54bn) from the Swiss Central Bank and plans to buy back CHF3bn of its own debt in an attempt to shore up confidence after a day when its stock plunged 30%.
In a statement in the early hours of 16 March, the beleaguered Swiss lender said that is "taking decisive action to pre-emptively strengthen its liquidity". Analysts had called for dramatic intervention in Credit Suisse after comments from its biggest investor that it would not pump more capital into the bank sent its share price...
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