Credit Suisse announced it will be borrowing up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank under a covered loan facility and a short-term liquidity facility.
Credit Suisse will be borrowing up to 50 billion Swiss francs from the Swiss National Bank under a covered loan facility and a short-term liquidity facility.
The measures come after shares of the lender saw sharp declines on Wednesday after its top investor Saudi National Bank said it would not be able to provide further assistance.People walk by the New York headquarters of Credit Suisse on March 15, 2023 in New York Cityannounced it will be borrowing up to 50 billion Swiss francs from the Swiss National Bank under a covered loan facility and a short-term liquidity facility.
The latest steps will "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," the company said in anIn addition, the bank is making a cash tender offer in relation to ten U.S. dollar denominated senior debt securities for an aggregate consideration of up to $2.
"We thank the SNB and FINMA as we execute our strategic transformation. My team and I are resolved to move forward rapidly to deliver a simpler and more focused bank built around client needs," he said.
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