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Swiss central bank to provide Credit Suisse liquidity backstop as shares battered
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The Swiss National Bank has pledged to provide Credit Suisse with liquidity "if necessary" after the bank's share price tanked on concerns over its financial health.
A joint statement from the Swiss National Bank and regulator Finma looked to calm the storm around Credit Suisse, after its share price tumbled by as much as 30%. The slump followed comments from the chair of the Credit Suisse's biggest shareholder, the Saudi National Bank, which ruled out increasing its stake in the Swiss lender.
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